Iran-Azerbaijan joint bank will begin to operate next year, Central Bank of Iran (CBI) Governor Valiollah Seif told APA.

“Iranian President Hassan Rouhani and Azerbaijani president Ilham Aliyev reached agreement on cooperation in banking sector. Moreover, constructive negotiations were conducted during the visit of chairman of Azerbaijani Central Bank Elman Rustamov to Tehran. I appreciate cooperation perspectives of both countries in banking sector”, Seif said.

He also added that cooperation in banking sector is so important for development of economic ties between the two countries.

On February 23, Iran and Azerbaijan signed 11 agreements and memoranda of understanding to improve and speed up cooperation in different fields.

The deals were signed by senior officials of Iran and Azerbaijan in the presence of the Iranian and Azeri presidents in Tehran.

Under the agreements, Tehran and Baku will strengthen cooperation in various sectors, including customs, animal husbandry, railway transportation, electricity, health and medical sciences, as well as oil and gas.

(Source: agencies)