A contract worth one billion euro was signed between 14 Iranian banks and Austrian Oberbank.
This is the first contract on financial support for Iranian banks with European banks following the implementation of Joint Comprehensive Plan of Action (JCPOA).
According to a report released by IRNA quoting Central Bank of Iran (CBI), the contract was signed in the presence of Deputy Governor of CBI for forex affairs, Ahmad Araghchi, Governor of Organization for Investment, Economic and Technical Assistance of Iran, as well as members of the board of directors of Iranian banks in Austria.
The contract was signed by the Iranian banks including  Kar Afarin, Saman, Pasargad, Refah Kargaran, Mellat, Tejarat, Melli, Sanat and Ma’dan, Eghtesad Novin, Sepah, Touseh Saderat (Export Development) , Khavarmianeh (Middle East), Keshavarzi (Agriculture) and Parsian.
Oberbank is a regional bank in the heart of Europe.
According to the contract, Austrian bank resources will allocate financial supply for the development and urban projects of public or private sectors, which have received the necessary authorization in Iran.
Ahmad Araghchi also held meetings with the head of Austria Exporting Insurance Institute and a number of directors of Austrian banks.
This is the first financial supply contract with European banks following the implementation of JCPOA after signing contracts with South Korean banks for 8 billion euro and China, which hit a total 35 billion dollars.

The Industrial Development & Renovation Organization of Iran (IDRO) and Russian Trade and Economic Development Council (RTEDC) sealed MoU for cooperation in steel, mine, oil and gas fields.
The MoU was signed in the presence of the IDRO’s Chairman of the Executive Board, Mansour Moazami, and Russian envoy to Iran, Levan Jagarian, as well as other officials, IRNA reported.
‘‘Iranian market is open to all prestigious international companies,’’ Moazami said.
He pointed to visa issuance and banking system as economic problems facing Iran and Russia.
He also referred to energy and railway industry as advantages of both countries relations.
He emphasized that Russian companies are eager to have cooperation with Iran in oil and gas fields.
Meanwhile, Jagarian said visa issuance is facilitated for Iranian businessmen.

The governor of Central Bank of Iran announced that lines of credit worth 22 billion euros will be allocated to Iran in coming days for implementation of various projects.
“Austria, Denmark, Italy and some other countries will open a 22-billion-euro line of credit for Iran in coming days,” the CBI governor Valiollah Seif said, reported by ISNA.
Mentioning that a separate eight-billion-euro LOC has been recently signed with South Korea, he noted, “These lines of credit will lead to further investment and a rise in production and employment in Iran”.
“Iran would have never obtained these outstanding achievements if the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) was not signed,” Seif stressed.
CBI Governor also emphasized the need to follow up compliance of Iran’s economic activities with international standards referring to adequate international banking ties as a necessary prerequisite to the process.
“More than 750 broker relations have been formed following JCPOA implementation thanks to assistance provided by the Iranian Foreign Ministry,” he continued.
The official stated that the Central Bank of Iran was in talks with several foreign counterparts to open a joint account in a bid to alleviate the need for international exchange in transactions.

Islamic Republic of Iran Customs Administration published the statistics of foreign trade during the past five months of 1396 (started on March 21, 2017).
According to a report released by ISNA, the value of Iran’s non-oil exports, with a drop of 4.95 percent, reached 17 billion and 193 million dollars during the five months of the current Iranian year.
During the period, 19 billion and 442 million dollars of goods were imported into the country, indicating 16.49 percent growth compared with the figures of the previous year.

Bpifrance, the country’s state investment bank, will finance investment projects of French companies in Iran from 2018, granting up to 500 million euros ($598 million) in annual credits, ISNA quoted Bpifrance’s CEO.
“Excluding a force majeure case, we will be on their side in early 2018. We are the only French bank that can do it without risking U.S. sanctions for a possible breach of remaining embargo rules,” the Bpifrance’s CEO Nicolas Dufourcq told Le Journal du Dimanche.
The agreement reached between Iran and P5+1 in 2015 lifted many sanctions against the country in exchange for restrictions on its nuclear activities and paved the way for international business deals.

A CBI official said, by end of the present year, necessary conditions will be created for launching broker ties with the world’s banks as a prerequisite to adopting uniform currency rates.
On recent decisions made by the US Congress to extend sanctions against Iran, Deputy Governor of the CBI for Foreign Exchange Affairs, Gholamali Kamyab, said the bills passed by the US will have no direct effect on the bank,
MNA reported.