Iran welcomes the entry of foreign banks and their role in promoting banking technology advancement in the country, the Central Bank of Iran governor, Valiollah Seif, said Tuesday.

Iran respects international rules and regulations and thus foreign banks should and will have a good experience working with and in the Iranian banking system, ILNA reported him as saying.

He complained that the decade plus nuclear-related sanctions had created hurdles for innovation in the domestic banking sector and hoped improvements would be made as and when the international sanctions unravel.

By Financial Tribune