Iran's Central Bank warns German banks not to close operations in the country |
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Published
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Thu, 23 Aug 2007 08:43
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FRANKFURT (Thomson Financial) - Iran's Central Bank has warned German banks that their withdrawal from the country may result in business disadvantages in the future, the bank's vice governor Mohammad Jafar Mojarrad said in an interview with Financial Times Deutschland.'There is no guarantee that they may return in good times. Our economic relations are based on trust and it's very difficult to restore trust once it has been breached,' he said.Mojarrad added that banks from Asia, Russia and the Gulf Region are prepared to take over the German banks' business in Iran.Deutsche Bank and Commerzbank gradually shut down their Iranian operations in the past months and last week Allianz's Dresdner Bank said it will also discontinue its business relations with the country.According to the report, the banks were put under pressure from Washington to cut ties to Iran as part of the United States' plan to cut the country off from international money transactions as long as it refuses to stop its nuclear programme.judith.csaba@thomson.comjcs/rwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Dresdner Bank pulls out of Iran under pressure from US and administrative costs 