Iran resumes ties with 120 foreign banks

Iran’s Export Development Bank (EDBI) has resumed brokerage relationships with 120 foreign banks following the lifting of international sanctions, state news agency IRNA reported. 

Tehran is working on re-establishing ties with 13 additional foreign banks, including institutions from Italy, Spain, Germany, Belgium, Austria, Russia, Turkey, China, Japan and Oman.

State-owned EDBI has maintained relationships with 400 banks worldwide before sanctions were imposed. Ties, however, were severed once international sanctions were put in place.

Iran’s economy has been severely impacted by years of  sanctions, following its refusal to suspend its uranium enrichment program.

In July 2015, the P5+1 countries (China, France, Germany, Russia, the UK, and the US) along with the European Union and Iran agreed on the Joint Comprehensive Plan of Action (JCPOA) to ensure the country’s nuclear program would be peaceful. 

In January this year, the International Atomic Energy Agency (IAEA) verified that Iran had adequately dismantled its nuclear program, paving the way for sanctions to be lifted.