TEHRAN – Central banks of Iran and Azerbaijan signed a memorandum of understanding (MOU) for broadening cooperation in areas such as brokerage and banking networks in order to facilitate trade and economic relations, IRNA reported on Sunday.

Based on the MOU, signed by Central Bank of Iran Governor Valiollah Seif and Central Bank of Azerbaijan Governor Elman Rustamov in Tehran on Sunday, two countries central banks would license establishing branches of Iranian and Azerbaijani banks in each other's territory.

Providing technical and training services to each other in order to adapt to the latest techniques and standards of global banking systems were also among the terms.

EF/MA