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Iran, South Korea sign deal on banking cooperation

Iran and South Korea signed an agreement to cooperate in banking sector, media reports said.

The agreement was signed by Ha Yung-ku, chairman of the Korea Federation of Banks, and Kourosh Parvizian, head of Iran’s Association of Private Banks, Press TV reported on Friday.

The agreement, between private lenders of Iran and South Korea, mostly envisages the expansion of non-dollar trade between the two countries.

It also calls for the share information on banking affairs, provides banking assistance to importers and exporters, and conducts exchanges of financial training.

Iranian bankers have called for the expansion of euro-based trade between the two countries what it said had been welcomed by South Korean bankers, Xinhua news agency reported.

In late August, Iran secured a $9.6-billion credit line from South Korea’s Eximbank as the country’s biggest loan deal since the removal of sanctions against it in early 2016.

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