UAE stops dealings with Iranian banks

07 October 2010

Commercial payments and transfers with some Iranian banks are still taking place

UAE lenders have reduced their financial dealings with Iranian banks blacklisted by the US Treasury, the Wall Street Journal has reported. Commercial payments and transfers with some Iranian banks are still taking place, a banking executive at one of the country’s largest banks said, but the bank is being “very vigilant” on all Iranian transactions, the report said. An Iranian trader based in Dubai said his UAE-based bank refused to transfer money from Dubai into an Iranian bank account last month, although the amount was less than $10,000.

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