TEHRAN - All authorized banks operating in free trade zones (FTZ) can now open foriegn exhange deposits under certain conditions, reported the central bank's public relations department here Tuesday. The report also said that all importers, who up to now have opened letters of credit (L/C) in other countries including Persian Gulf states are allowed, under certain conditions, to open LCcs in FTZ banks and directly import goods to these areas.

The report specifically mentioned that any foreign exchange activity by the banks in FTZs is authorized, using only currency generated from foreign sources. The banks are now authorized to carry on various banking activities including opening L/Cs for imports and exports, granting short and long term foreign exchange credits, issuing drafts as well as foreign exchange guarantee letters, the report concluded.

(IRNA)