TEHRAN – Iran needs to revise its banking system and strategy on relations with overseas rivals, Iran’s Chamber of Commerce, Industries, and Mines (ICCIM) head said here Monday.

Addressing the Assembly of Banking Services and Exports, Mohammad Nahavandian added it is impossible to have an unconditional presence in global markets without adopting a proper strategy and holding negotiations.
“We’d better create a monitored rivalry in our backyard, are Iranian banks keen on competing on the international scene,” he proposed.
Nahavandian also turned to importance of cooperation between banks and exporters, underlining that banks fail to make great strides toward rendering services to exporters unless they play the role of exporters.
He concluded that Iran is duty-bound to support national institutes to facilitate their presence in international markets.
On the sidelines of the assembly, Mohammad-Ja’far Mojarrad, the Central Bank of Iran (CBI) deputy governor for foreign exchange affairs, announced that Iran’s overseas activities are not limited to cooperation with a few foreign banks, adding, “We are merged in the global market.”
He added foreign banks will start work in Iran in the near future.
Asked about the reserve of Oil Stabilization Fund (OSF), Mojarrad estimated the fund has about 6.3 billion dollars