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Iranian, Japanese banks resume transaction by using yen

Xinhua, October 6, 2016 Adjust font size:

An Iranian business official said here Wednesday that the Japanese banks have started to cooperate with their Iranian partners by using the Japanese currency yen, Press TV reported.

The move could open a new chapter in economic relations between the two countries in a post-sanctions era, Pedram Sultani, the deputy chairman of Iran Chamber of Commerce, Industries and Mines, was quoted as saying.

Sultani said that Japan's External Trade Organization (JETRO) had announced the start of cooperation between the banks of the two countries.

The Japanese businesses should not lose the opportunities that currently exist in Iran and should take measures to cement their foothold in the Iranian market to stay ahead of their rivals, he said.

Following the implementation of Iran's nuclear deal with the world powers in January, Japan said that it had lifted its sanctions against Iran, including a ban on Japanese banks cooperating with Iranian banks. Endit