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Chinese banks aren't doing much for Iran.

The head of the Trade Promotion Organization of Iran (TPO), Valiollah Afkhami-Rad, says banking problems are still hampering the progress of economic relations between the Islamic Republic and its biggest trade partner, China.

"Correspondent banking relations should be established to develop trade between the two countries," Afkhami-Rad said in a speech last Tuesday.

He complained that Iranian businessmen and economic actors still cannot open letters of credit (LC) to do business with Chinese firms.

Afkhami-Rad, who is also deputy minister of industry, mines, and trade, went on to say that the banking problems in the way of boosting Iran-China cooperation need to be resolved as soon as possible.

But his speech indicated that Iran's business problems go far beyond the residual effects of US sanctions. He didn't say why Chinese banks have been reluctant to get closer to Iran.

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Title Annotation:Economy: Money and its impact
Publication:Iran Times International (Washington, DC)
Geographic Code:7IRAN
Date:Jun 3, 2016
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