TEHRAN (Iran News) –The governor of the Central Bank of Iran (CBI) traveled to Oman on Sunday, aiming to develop monetary and banking cooperation between the two countries.

Heading a delegation, Mohammadreza Farzin arrived in Muscat, the capital of Oman, on Sunday evening and was welcomed by Omani officials, the CBI portal reported.

Iran’s Deputy Foreign Minister for Economic Diplomacy Mehdi Safari also accompanies the CBI governor on his trip to Oman.

On the first day of his visit, Farzin met and held talks with Oman’s Minister of Finance Sultan bin Salim Al Habsi on Monday, during which the officials referred to the 41 percent growth in the volume of trade between the two countries this year, and emphasized the need to increase cooperation in order to facilitate economic relations and also develop trade exchanges.

Speaking in this meeting, Farzin underlined the growing bilateral relations between Iran and Oman, saying: “We use all the tools to increase monetary and banking cooperation between Iran and Oman to increase the volume of economic exchanges.”

Al Habsi for his part pointed to the good economic relations between the two countries in recent years and emphasized the activation of various capacities of Oman to develop cooperation with Iran.

“Increasing economic cooperation and facilitating commercial exchanges between Oman and Iran is on our agenda,” he stressed.

Farzin also met with Governor of the Central Bank of Oman (CBO) Sayyid Taimur bin Asa’ad bin Tariq Al Said to discuss the development and promotion of monetary, financial, and banking interactions, as well as strengthening and increasing commercial and economic relations and exchanges between the two countries.

The relations between Iran and Oman have been based on mutual respect and interests in the last few decades, despite the tensions in the Persian Gulf and U.S. efforts to intensify sanctions.

Omani officials believe that close relations with Iran are based on realism and consider Iran as a great neighbor.

Last week, during the two countries’ 20th Joint Economic Committee meeting in Tehran, Iran and Oman signed two memorandums of understanding (MOU) to boost bilateral cooperation and emphasize the importance of using their national currencies in mutual trade instead of the dollar.

The joint committee meeting was co-chaired by Iran’s Minister of Industry, Mining and Trade Abbas Aliabadi, and Oman’s Minister of Commerce, Industry and Investment Promotion Qais Mohammed Al Yousef.

During his stay in Tehran, Mohammed Al Yousef also met with Farzin, and stressed the importance of using Iranian and Omani national currencies in mutual trade.

The Omani official said his country wants to have a strong presence in establishing the required infrastructure for banking and monetary transactions in Iran, implementing joint projects, as well as making investments in industrial and mineral projects. Omani investors are also keen to participate in energy projects and to develop Iran’s gas fields, he added.

The top Iranian banker also said that his country welcomes any measure that helps boost monetary and banking cooperation between the two countries.

Farzin stressed the importance of using national currencies by the two countries in their mutual trade instead of the dollar as well.