Developing banking ties with Qatar depends on joining FATF

IRNA - Economic experts pointing to the expansion of Iran-Qatar trade relations over the past year, said Iran's lack of membership in the FATF is one of the key challenges in the future.

Developing banking ties with Qatar depends on joining FATF

Iran and Qatari's economic relations over the past year have risen to more than $300 million from the traditional $80 million figure by the end of 2017, and this year it is expected to reach $1.5 billion or more.

The two countries will consider the prospect of economic relations at least $1 billion over the next three years.

In the meantime, the lack of banking relations between Iran and Qatar has been considered as one of the major trade problems between neighboring countries. Part of this was the lack of banking connectivity due to Iran's lack of membership in the global treaty, which has placed Iranian banks in high risk banks.

Currently, Iran's Saderat Bank has two branches and at least seven thousand customers in Doha, Qatar, which appears to be at stake in the event of Iran not joining the treaty.

Experts from these banks believe Iran's accession to the treaty will prevent further problems, such as the closing of bank accounts for the customers of Saderat Bank in Doha, as these problems happen in some countries, such as China, which are considered a strategic partner of Iran.

According to the experts, in the event of problems with the high risk-taking of banks, another part of the activities of the Iranian Saderat Bank, which will transfer Iranian money to the country, will be in jeopardy and the 5-decade activity of this old Iranian bank in Qatar will face with difficulties.

Date : Monday 8 October 2018 / Subject : International News - Banking System News / Source : IRNA