Diplomat: Iranian banks facing no restriction for activity in Brazil

Speaking to IRNA, Santos said foreign banks, including Iranian banks, can help commercial transactions between Iran and Brazil without any limitation for establishment of branches of banks and banking activities in Brazil.

Santos said Iranian and Brazilian banks are to establish brokerage relations as a delegation from Iran Central Bank visited Brazil that resulted in lifting of banking restrictions facing Iranian banks and facilitation of the brokerage affairs of a Brazilian bank in connection with cooperation with Iran.

Brazil ambassador said it will take about 12 to 18 months to make necessary investigations for a foreign bank to receive license and set up representative office.

'We welcome presence of Iranian banks in Brazil and establishment of branches in the country because such a measure by governments can lead to further expansion of commercial relations between the two countries.'

Deputy Minister of Petroleum for International and Trade Affairs Amir-Hossein Zamaninia said last week that a delegation from Central Bank of Iran and Iranian private banks are busy preparing the grounds for banking cooperation between the two countries ove the past few weeks.

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