Iran to open LCs in Europe

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ICCIM deputy head has announced that the country is now able to open Letter of Credit (LCs) in Germany, Switzerland, Italy and Austria

Deputy Head of Iran’s Chamber of Commerce, Industries, Mine and Agriculture (ICCIM) Pedram Soltani made the remarks on Saturday asserting that banks currently cooperating with Iranian counterparts are considered as small banks.

“During sanction years, Iran had to pay high costs between 3 to 8 percent for money transfer with other countries while expenses have now fallen below half percent thanks to the JCPOA,” he continued.

Soltani further elaborated that “following implementation of the Joint Comprehensive Plan of Action (JCPOA) Iran’s expenses in international trade have been reduced and now through a number of banks the country is able to open LCs in Germany, Switzerland, Italy and Austria.”

Until recently, Iran was unable to open LCs in international transactions though barriers have been removed now and the need has been alleviated to pay in cash while doing business,” stressed the official.

He underlined that Iranian banks are still evaluated as high risk banks which has, to some extent, hindered the gradual process of resuming banking ties.

Other obstacles pertain to high outstanding debts as well as outdated financial reporting by Iranian banks which have all caused delays in bolstering international banking interactions.

International economic sanctions against Iran were removed following the agreement between Iran and the 5+1 group of countries and implementation of the JCPOA in January 2016.

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