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Iran and Azerbaijan plan to increase the cooperation between their banks, said Iran's Ambassador to Baku Mohsen Pak-Ayeen.

Speaking to Trend, Pak-Ayeen said that Tehran and Baku plan to establish correspondent banking relationship as well as to sign a monetary convention.

Pak-Ayeen said that Iranian and Azerbaijani officials have held constructive talks regarding the banking sector, and they have taken measures to increase banking ties between two countries.

Economic delegations headed by Shahin Mustafayev, Azerbaijani Minister of Economy and Industry as well as his Iranian counterpart Mahmoud Vaezi attended the tenth meeting of the Azerbaijani-Iranian Joint Commission on Economic, Trade and Humanitarian Cooperation in Tehran Dec 22-23.

Ambassador Pak-Ayeen said the cooperation between the banking sectors of Iran and Azerbaijan will have an important role in the expansion of trade ties between Baku and Tehran.

Although international sanctions against Tehran over its nuclear program imposed some restrictions on banking ties between the two neighboring states, the senior diplomat speculated that banking cooperation between Tehran and Baku will improve as the sanctions are expected to be removed in the first month of the coming year.

Bank Melli Iran has a branch in Baku which will have an important role in increasing banking ties between the two countries, he stated.

He further touched upon other topics discussed between Iranian and Azerbaijani representatives during the meeting in Tehran and said the representatives discussed more than 30 fields of cooperation including creating a joint automaker.

Iran expects the international sanctions imposed by the West on its financial and industrial sectors to be lifted in early 2016, as it is adhering to the terms of a milestone nuclear accord inked between Tehran and the world powers in July.

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