France removes restrictions on Iran's Bank Saderat

France's Central Bank has lifted banking restrictions on the branch of Iran's Bank Saderat in Paris and paved the way for normal banking transactions between the two countries, a report said.

"Following regular and effective diplomatic, legal and banking pursuits by directors of relevant sectors and after the implementation of the Joint Comprehensive Plan of Action (JCPOA), French Central Bank officially declared removal of restrictions imposed upon the Iranian bank in the French capital, making it authorized to offer all banking services," Saderat Bank's website said.

Earlier, European Union had announced exclusion of Bank Saderat from the list of sanctions.

Bank Saderat with 27 foreign branches abroad as well as its high capabilities have had numerous positive impacts on the country's economy, including facilitating international trade, reducing costs of currency exchanges and boosting investment.

Banking experts maintain that exclusion of the bank from the list of sanctions and reconnecting to SWIFT (Society for Worldwide Interbank Financial Telecommunication) will bring about further profitability, international credit and diverse currency services.

In relevant remarks in Early March, French Finance Minister Michel Sapin called for resuming banking relations with Iranian banks.

EA