Iran, Syria to establish joint bank, SWIFT to facilitate trade

Gol Mohammadi, a member of Iran’s headquarters of economic development with Iraq and Syria, said on Saturday that Iran is going to launch a joint bank and internal SWIFT system with Syria to facilitate bilateral trade.

He said Iran is adopting a range of measures including the establishment of a joint bank to increase trade ties with Syria.

“The establishment of this bank will change the trade equation between Iran and Syria,” Gol Mohammadi told the Fars news agency.

According to Gol Mohammadi, Iran is making efforts to establish an “internal SWIFT” system between Iran and Syria to counter sanctions.

“Technical preparations of this system are in the final stage and it will resolve the problem of transferring money between Iran and Syria,” the trade official said.

He also said that Iran is working to establish a joint chamber of commerce between Iran and Syria.

“Iran-Syria joint chamber of commerce will officially begin its work in the few coming months,” Gol Mohammadi noted, adding that Iran has already established the Iranian Trade Center in Syria, where 30 Iranian firms have opened offices.

Gol Mohammadi pointed out that the transit issue is one of the impediments to the expansion of Iran-Syria economic relations, adding that “completing Iran’s land route to Syria will have a tremendous effect on the expansion of relations between the two countries.”

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