Mir Business Bank, Moscow, (MBB) to Reach an All-time High in Activities After Joint Comprehensive Plan of Action (JCPOA)

Tuesday, August 16, 2016
Bank Melli Iran (BMI) Board Member and Deputy Chairman in International Affairs, Gholamreza Panahi, said;" Russian companies working with both Iranian exporting and importing companies can easily apply for opening different accounts with MBB under prevailing rules in Russian Republic and enjoy MBB's sophisticated banking services.
According to BMI public Relations Dept. Panahi referred to the ever-expanding trade transactions, facilitating banking relations and enabling money transfer between the two countries and highlighted the banking services rendered to Russian companies by MBB including but not limited to accepting deposits, payment orders, launching a business with Iran, opening L/Cs, L/Gs and granting business loans according to prevailing rules and regulations.
He added;" It's now possible for Iranian companies working with Russian or Central Asian companies to open an account with MBB without having to take a trip to Russia and just by translating needful documents and certifying them in Russian embassy in Tehran. Then these companies can use all banking services rendered by MBB just like Russian companies.
Panahi continued;" All Iranian state and private banks which maintain accounts with MBB and enjoy correspondent relationship with the bank, may deposit major currencies in their accounts with MBB and benefit from its various top-notch banking services including payment orders and opening L/Cs in Russian Rubles issued for any Russian or Middle Asian bank. Moreover all such banks may deposit Euro currency with BMI Hamburg branch and accordingly benefit from issuing payment orders or covering payments for documents under L/Cs which are issued to the order of MBB. In the meantime, short and medium term deposits, interbank transactions, currency exchange services, advising, confirming and transaction of documents under L/Cs both inside and outside of Russia & Middle Asia, issuing bank guarantees, counter guarantees, etc. are among various other services offered by MBB".
Panahi said there are two ways for Iranian exporters to receive the proceeds originated from exporting commodities and services to Russia. In first method, the exporter asks his own bank (or MBB) to approach buyer's/importer's bank and ask for converting the proceeds to Iranian Rial to be subsequently transferred to the exporter's IRR account with any Iranian bank. MBB will then convert foreign currency to Iranian Rial and transfer the Rial equivalent to the beneficiary's IRR account. The exchange rate will be according to prevailing rates. In second method, the exporter Should ask for receiving the proceeds in foreign currency (Euro or Russian Rubles), he should approach his own bank or MBB and ask these funds to be transferred to any of his FX accounts in any Iranian bank and his request will swiftly be dealt with.
BMI board Member added;" Exporters can assign the FX proceeds available in their accounts which are received from abroad to other people or remit them abroad according to the rules and regulations of the Central Bank of the Islamic Republic of Iran."

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