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EghtesadOnline: Bank Melli Iran and Bank Saderat Iran will resume their operations in the Omani capital Muscat which had halted during the sanctions that cut off Iran from the international financial network.

Based on an agreement reached during a visit by the governor of the Central Bank of Iran Valiollah Seif to the Persian Gulf state, the two sides agreed that the two Iranian lenders restart their business there, Central Bank of Iran website reported.

Bank Melli has one branch and Bank Saderat has two branches in Muscat. The operations of all the branches had come to a halt during the sanctions. The two banks would be the first Iranian lenders to resume operations in an Arab country after the lifting of the sanctions in the wake of the 2015 nuclear deal signed between Iran and the six world powers.  

Both BMI and BSI have other inactive branches throughout the Persian Gulf region, including the UAE, Qatar, and Bahrain, according to Financial Tribune.

Seif and his Omani counterpart Hamood bin Sangour bin Hashim Al Zadjali also agreed to integrate the national payment systems of the their countries, allowing citizens of both nations to get services from each other's ATMs and payment gateways.

Omani lenders and specifically Bank Muscat were among the first foreign banks to start working with their Iranian peers after the sanctions ended in January last year. Bank Muscat has reportedly obtained primary permission for opening a branch in Tehran.

Iran-Oman trade Iran-Oman cooperation Bank Melli Bank Saderat Iran sanctions relief