Wednesday, 22 November, 2017

Iran, Azerbaijan to integrate bank cards systems

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Iran and Azerbaijan are discussing the integration of the bank cards system of  the two countries.

“The issue is being considered by the expert committee. There have been no results achieved so far,”  Central Bank of Azerbaijan said in a statement, as quoted by the Trend news agency.

According to the news agency, one of the possible options of the integration of the bank cards between the two countries is the connection of Iranian banks to the Azerbaijani system of card payments. In this case, Iranian citizens will be able to use their cards on the territory of Azerbaijan, while Azerbaijani bank cards will automatically operate in Iran like local cards.

In August 2016, the Iranian and Azerbaijani Central Banks discussed establishment of a joint regional bank for the development of financial cooperation and facilitation of the transactions between the two countries on the sidelines of the trilateral meeting between Russian President Vladimir Putin, his Azerbaijani counterpart Ilham Aliyev and Iranian leader Hassan Rouhani in Baku.

Photo credit: Sputnik/ Murad Orujov

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