TEHRAN – In a meeting in Yerevan on Tuesday, Iranian Ambassador to Armenia Kazem Sajjadi and Governor of Central Bank of Armenia Arthur Javadyan stressed the need for expansion of banking ties between the two countries, IRNA reported.

In the meeting, the officials pointed to holding banking seminars and symposiums as important and effective instruments for transferring the two sides’ knowledge and experience in order for expansion of monetary and banking relations.

Reiterating his country's readiness for development of all-out relations with Iran, Javadyan stated “Development of banking relations between Armenia and the Islamic Republic of Iran is on Yerevan’s agenda and I hope that the authorities of the two countries will show greater impetus to enhance the transfer of experiences from both sides.”

Back in July, head of Iran-Armenia Joint Chamber of Commerce had announced that the two countries are discussing the possibility of trade with their national currencies.

“We have proposed to the Armenian president that the two sides establish a financial institution which would operate outside the two countries’ banking systems,” Hervik Yarijanian said.

Mentioning his recent meeting with the Armenian President Armen Sarkissian, the official noted that the president has positive attitude toward Iran and has called for increasing mutual trade between the two countries.

Iran and Armenia have been taking all necessary measures to boost the level of their economic relations to match their positive political relations.

In early May, the two countries signed a memorandum of understanding (MOU) in Tehran to expand economic cooperation, especially in the field of energy.

The MOU was signed by Iranian Energy Minister Reza Ardakanian and Armenian Deputy Prime Minister Mher Grigoryan at the end of the 16th Iran-Armenia Joint Economic Committee meeting.

Based on the MOU, the two sides agreed to complete the construction of Iran’s third electricity transmission line to Armenia by 2020 in order to increase the country’s electricity exports to Armenia to over 1000 megawatts (MW).

Tehran hosted the 16th Iran-Armenia Joint Economic Committee meeting which was held during June 30-July 2.

EF/MA