Akhbar Sannat newspaper quotes the Head of the Iran and China Chamber of Commerce, Asadollah Asgaroladi, announcing the Central Bank of China’s agreement and issuing of licenses for the Iranian private sector to purchase up to 10% shares of Chinese banks. In order to execute this plan, agreement from the Iranian Central Bank is also needed. The article also states the maximum allowed Iranian investment in Chinese banks is 100 million dollars.
Iran-China annual trade is worth 40 to 50 billion dollars; Iran exports 40 percent of its petrochemical products and more than 60 percent of its Polymer products to China.
In another article, Akhbar Sanaat points to the growth in electronic transactions in the country’s banking system. The article quotes Akbar Komijani, Deputy Governor of the Central Bank and writes, in the last decade the use of checks has fallen by 70% and now only comprises a third of non-cash transactions. On the other hand, the total value of electronic transactions has grown from 9% in 2008 to 78% in 2017. The use of electronic payment tools not only raises speed and reduces costs but also allows for tracking and transparency in the banking system.