Iranian banks ready to cooperate

The resumption of relations between Iranian and foreign banks will take at least two weeks, but they are ready to cooperate, the head of the Middle East Bank, Parviz Aghili, said.

"We have sent almost 40 SWIFTs to different banks around the world and we have requested that now that the sanctions are lifted, we would like to exchange documents and whether they will consider a corresponding banking relationship. Some of them have come back and have asked various questions for documents they need," TASS cited him as saying.

Aghili noted that the restoration is going to take a couple of weeks and will be slow.

The head of Middle East Bank also pointed out that in the future the Iranian Central Bank would force lenders to adhere to the international capital standards known as Basel III.