Iranian Bank in London joins euro payment system

'Persia International Bank belongs to Bank Mellat and Bank Tejarat and it is based in the UK as the first Iranian bank stationed in London with Iranian owners; it managed to join euro payment system known as Target-II after undergoing complicated legal procedures,' Mohammad Reza Meskarian said on Friday.

Persia International Bank managing director said that in the international payment cycle (euro zone), the central banks of the euro zone countries are members of Target-II network.

'Other European trade banks do the clearing procedure by connecting to one Europe's Central Banks; it is quite evident that German Central Bank as most powerful and most important Central Bank of the euro zone in the European Union,' Meskarian.

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