Iran and Azerbaijan plan new joint bank to boost bilateral trade

The Republics of Iran  and Azerbaijan have opened  talks about the possibility of establishing a joint bank, Iran’s Minister of Communications and Information Technology Mahmoud Vaezi  told Trend this week. Officials from the two countries are also discussing the logistics of their national and commercial banks  opening branches in each other’s capitals. 
The main obstacle between greater cooperation between Tehran and Baku were the sanctions, he added, indicating that moves were also  under way to unfreeze the estimated $200m of Iranian assets currently sitting in bank accounts in Azerbaijan. 
“The representatives of the banking sectors of Azerbaijan and Iran are discussing the use of this capital,” he said and stressed that greater bilateral banking cooperation was essential trade between the two countries was to grow from current levels of $500m to a target of $2bn.
Source: isna