News ID: 208068
Published: 0415 GMT January 14, 2018

Bank Sepah puts in best foreign currency performance in post-JCPOA era

Bank Sepah puts in best foreign currency performance in post-JCPOA era

Domestic Economic Desk

Central Bank of Iran figures indicate that Bank Sepah, with a turnover of $8.27 billion, had the best performance among domestic banks by conducting the highest volume of foreign currency operations since mid-March 2016.

Mostafa Parto-Afkanan, a member of Bank Sepah Board of Directors, listed opening letters of credit, processing documentary collections and issuing payment orders as the foreign currency related operations performed by the financial institute after the signing of the Joint Comprehensive Plan of Action (JCPOA), between Iran and P5+1, in July 2015, IRNA reported.

He said his bank carried out 22,442 instances of the abovementioned operations worth $8.27 billion during March 21, 2016-December 21, 2017.

Parto-Afkanan put Bank Sepah's share in the total foreign currency operations carried out within the country's banking network at 12.58 percent in the year to mid-March 2017 and 14.39 percent during March 21-December 21, 2017.

He said the volume of foreign currency related activities conducted by a bank is among the indices to evaluate its successful presence and performance in national and international arenas.

"Plans have been drawn up to improve the bank's performance on conducting foreign currency operations and help the institute expand its presence in the international arena," he added.

Being the first Iranian bank established in 1925, Bank Sepah was among the very first Iranian financial institutes whose name was removed from the list of the sanctioned organizations following the signing of the JCPOA in July 2015.

Resource: IRNA
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