Iran Ponders Ending Boycott On FX Trading With U.S. Banks
BANKS
Iran's Supreme Council of Banks is considering freeing overseas branches of the Islamic republic's financial institutions to deal in foreign exchange with U.S. banks, according to Iranian government sources in London. A ban has been in force since the fall of the Shah in 1979.
The foreign branches of Iran's state-owned banks have not been subject to the Iranian 1983 Usury-Free Banking Act, which introduced Islamic banking. They have continued to operate along Western lines, but with politically
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