CBI approves establishing offshore bank in free zones

May 20, 2022 - 14:14

TEHRAN - The secretary of Iran’s Free Zones High Council said that the necessary licenses for establishing an offshore bank in the country’s free zones have been obtained from the Central Bank of Iran (CBI) and international exchange will also be established in these zones, IRIB reported on Friday.

Speaking to the national TV, Saeed Mohammad noted that the secretariat of Iran’s Free Zones High Council has managed to obtain the license for establishing the offshore bank from the CBI, adding that “The rules of administration for the mentioned bank are under the supervision of the central bank and we are looking for qualified shareholders for the bank.”

An offshore bank is a bank that is not affiliated with the CBI but is supervised by the bank; so, given its independence the shareholders can be foreigners and international entities, the official added.

Regarding the international exchange, Mohammad stated that good meetings have been held with the Securities and Exchange Organization (SEO) and the two sides have reached an initial agreement.

Foreigners are interested in entering the Iranian stock market, and this encourages the companies that operate on the mainland today to upgrade themselves and provide good reports if they want to offer their shares on the international stock exchange, Mohammad said.

The official further mentioned the establishment of knowledge-based companies in the country’s free and special zones, saying: “We have also set up a large number of knowledge-based companies and innovation and technology centers in the country’s free zones (about 446 units).”

Given the slogan of the year which is knowledge-based production and job creation, the activities that take place in the free zones should be within this framework, he added.

He put the total exports from the country’s free and special zones in the previous Iranian calendar year (ended on March 20) at $15.7 billion, noting that about $4.7 billion worth of goods were also imported through the mentioned zones.

EF/MA

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