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Iran, Qatar agree to boost banking, financial ties

Central Bank of Iran Governor Mohammad Reza Farzin (L) meets with Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani in Doha on June 14, 2023. (Photo by

Iranian and Qatari central banks have agreed to work to boost their financial and banking ties amid signs that Iran is engaging more with regional lenders to find a way to access overseas funds that have remained blocked in recent years because of US sanctions.

Central Bank of Iran (CBI) Governor Mohammad Reza Farzin traveled to the Qatari capital Doha on Wednesday to hold talks with the Arab country’s top banker Sheikh Bandar bin Mohammed bin Saoud Al-Thani.

A report by the CBI said the two chief bankers had agreed in the meeting that financial and banking ties between Iran and Qatar need to be brought to a level that could match the growing trade and economic relations between the two countries.

Farzin said in a tweet in Farsi after the meeting that he had held a “successful meeting” with Sheikh Bandar.

The CBI governor has held similar meetings with counterparts in the Arab countries of the region in recent months.

Experts say the meetings are in line with developments related to the unfreezing of a part of Iranian funds blocked in Iraq and other countries because of US sanctions.

US government officials on Tuesday confirmed that they had issued a waiver to Iraq to enable the Arab country to pay nearly $3 billion worth of its energy debts to Iran.

Other reports have suggested that Iran would be able to access the funds in accounts held by central banks of regional countries and for the purpose of processing payments related to its imports.

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