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News number: 8808131418

16:17 | 2009-11-04

Economy

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Tehran to Open Second Iranian Bank in Belarus

TEHRAN (FNA)- Tehran is due to establish its second bank in Belarus in a bid to facilitate financial and banking services and help development of Tehran-Minsk trade ties, an Iranian commerce ministry spokesman announced on Wednesday.



"The independent 'Honor Bank' of Iran will be officially opened in late Aban (mid -November) in Belarus," Seyed Ali Reza Shojaee said, adding that the bank will use Iranian managers for its executive affairs.

Commenting on the influence and effects of the bank on the two countries' relations, he noted, "Certainly, the establishment of the bank will have significant effects on the creation of a proper atmosphere for the expansion of trade ties, development of cooperation and manner of providing trade facilities for exporters."

"The Islamic Republic of Iran enjoys ample capabilities in producing and exporting different products and the bank can cause further expansion of bilateral trade ties given the impetus of the two countries' authorities," the spokesman added.

Shojaee also said that Belarus is a priority for Iran trade policies, and added, "In our view the prospects of trade and economic ties between Iran and Belarus are very brilliant, specially considering that the bilateral trade exchanges doubled during 2006-2008."

Earlier in August, Managing Director of Iran's Exports Development Bank Kourosh Parvizian announced that three Iranian banks in a joint measure are due to establish a bank in Belarus.

"Iran's Exports Development Bank, in cooperation with Bank Saderat and Bank Refah-e-Kargaran, is due to establish a joint bank in Belarus," Parvizian added.