Iranian Official: No Restrictions for Foreign Banks to Set Up Branches in Chabahar

A senior official at Chabahar Free Trade Zone (FTZ) Organization announced on Thursday that foreign banks face no restriction for inaugurating their branches in Chabahar in Southeastern Iran.

There is no limitation for foreign banks to set up branches in Chabahar, Gholamreza Panah said.

He added that three Afghan banks have applied for opening representative offices in Chabahar, adding that the Afghan bank will start activities after the Central Bank of Iran's (CBI) consent per se.

Most of the Iranian banks have established branches in the strategic zone of Chabahar, and the Afghans can do so after undergoing the legal formalities, Panah said.
Over 160 Afghan companies are active in Chabahar free trade zone, and the new applicants can start activities after registering their companies in the time limit, he said.

Referring to considerable capacities of Chabahar, Panah said the Iranian port is one of the best places for economic operations.

Chabahar is the closest and best access point of Iran to the Indian Ocean. In May 2016, Iran and India signed a deal to equip and operate containers and multi-purpose terminals at Shahid Beheshti port in Chabahar with the capital investment of $85.21 million and annual revenue expenditure of $ 22.95 million on a 10-year lease.

source: FARS News Agency