Iran, Sri Lanka Stress Enhancing Trade Ties, Developing Banking Cooperation

Governor of Central Bank of Iran (CBI) Mohammad Reza Farzin and Sri Lanka’s visiting Foreign Minister Ali Sabry held talks in Tehran on Sunday.

Farzin emphasized the two countries’ interest in bolstering trade ties and stated that the development of banking and monetary relations is a prerequisite for strengthening and developing economic ties between the two countries.

He pointed to the significance of the Asian Clearing Union (ACU) in the development of trade ties between Iran and Sri Lanka and said this platform can be used optimally for clearing the demands.

The CBI governor proposed formation of a specialized and technical banking-monetary working group between the central banks of the two countries and added that its formation can play a leading role in accelerating and facilitating the banking issues.

The agreement made between Sri Lanka and economic institutions in Iran are fully confirmed by the Central Bank of Iran, he added.

Despite unilateral US sanctions, Iran managed to establish sustainable trade relations with its trade partners, he said and noted that Iran is fully prepared to cooperate with Sri Lanka for expanding monetary and trade relations within the framework of the Asian Clearing Union.

Sri Lanka’s minister of foreign affairs, for his part, pointed to the longstanding ties between Tehran and Colombo and stated that his country is interested in developing trade ties with Iran.

Setting up a bilateral banking committee between Iran and Sri Lanka for pursuing bilateral issues and facilitating trade ties will certainly lead to the expansion of cooperation between the two countries, Sabry emphasized.

He also appreciated Iran’s support for Sri Lanka in the International Monetary Fund (IMF).