Iran Banking to develop even further!

Market News

• The CEO of Bank Sina announced the establishment of correspondent relationship between this bank and the Swiss BCP Bank, which enables it to transfer Swiss Franc as well as Euro. It was also added that all matters such as receiving finance and issuing letters of credit will now be available as a step to expand international operations by Bank Sina. This would expand Iran Banking sector even further.
• The bright future anticipated for Iran-Australia business relations in the post-sanctions era has moved the Servcorp Company to open a branch in Tehran, whose opening ceremony took place on December 3^rd with the Australian ambassador to Tehran present. As a multinational organization offering IT services and products, this listed company on the Australian Stock Market is active in 150 business centers in 52 cities in 21 countries and Tehran Office is considered as its 7^th offices in the Middle East.
• Following our series of news on the Budget Bill submitted to the Majlis on Sunday, the comparison of the bills for the current year and the New Year shows that the suggested oil price has experienced 25% increase to stand at $50 per barrel, which will result in $33 bn total income by selling 2.42 mn barrels per day, considering IRR 33,000 for 1 dollar. This increase has happened due to the outcome of the recent OPEC members meeting where Iran was allowed to produce and export crude oil with no special limitation, enabling it to regain its share of the global oil market.
• According to an official in Middle East Mining Industries, the second unit of pellet production with 2.5 mn ton as annual capacity was exploited in Sirjan in Kerman province. Referring to the same unit which was previously exploited in Zarand town, the third pellet production unit with 2.5 mn ton annual production capacity will also be exploited in Boutia town in Kerman province within the next few months.
  

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