EghtesadOnline: The implementation of Iran’s nuclear accord with world powers in early 2016 bodes well for Bank Saderat Iran, as its foreign exchange services registered a significant annual increase.
“In line with realizing the goals of Resistance Economy and facilitating international trade, the bank has made the expansion of foreign exchange services a priority and its various branches registered a 74% growth last year,” the official website of the lender reported. Resistance Economy is a concept aimed at reducing the country’s oil dependency and increase domestic productivity. The bank mainly attributes this increase in foreign exchange services to opening letters of credit and currency guarantees. With 27 independent and joint branches, Bank Saderat has the largest Iranian banking presence in other countries, according to Financial Tribune.