“Regarding the volume of bilateral trade, the use of appropriate payment mechanisms, such as the use of local currencies, can solve financial transactions and will not be seriously challenged in this regard,” he noted.

China buys some 25 percent of Iran’s oil and hence is one of the most significant business partners of Iran, he told IRNA on Friday as he is in China accompanying Iranian president Hassan Rouhani to take part in the 18th SCO summit.

He expressed hope that cooperation of Chinese banks and the support of China Export & Credit Insurance Corporation with Iran (Sinosure) would continue and financing the country’s manufacturing and infrastructure projects would persist in accordance with the previous procedure.

Despite the huge pressures and sanctions imposed in the post-JCPOA period, Chinese banks and companies have cooperated well with their Iranian counterparts and numerous contracts between banks and financial institutions of the two countries have been executed, he added.

He went on to say that Chinese officials have repeatedly noted that they would continue and expand their trade ties with Iran despite US pullout from JCPOA.

Central Bank of Iran (CBI) Governor Valiollah Seif made the above remark and said, “CBI has forecast different scenarios in case of US pullout from JCPOA, so that relevant strategies have also been determined significantly in this respect.”

Fortunately, necessary planning has been made by CBI in expert-level sessions in the presence of economists and senior banking officials of the country, Seif opined.

In conclusion, CBI governor once again reiterated that banking system of the country will not hurt in case of US withdrawal from JCPOA.

Valiollah Seif made the remarks at the second round of Euromoney Iran Conference in Paris, co-hosted by Central Bank of Iran (CBI).

Seif noted Iran’s major steps for fulfilling its commitments, including the country’s signing up to the International Convention for Combating the Financing of Terrorism – the UN treaty on criminalization of financing of terrorism, in addition to promoting cooperation to prevent and investigate the financing of such acts; as well as making amendments to the country’s current Law of Combating the Financing of Terrorism and the Law of Anti-Money Laundering.

He also pointed to Iran’s compliance with its nuclear-related commitments under the JCPOA, stressing that the European Union could find the best way to protect its position on the nuclear deal. He added that Iran has not fully achieved the benefits promised in the JCPOA.

“According to our predictions which are in accordance with the latest reports by the International Money Fund (IMF), Iran’s economic growth in 2018 will stand at 4.2 per cent,” he said, adding that Iran’s foreign debt is very insignificant compared to the country’s GDP.

He went on to add, “Iran’s economy still faces a high rate of unemployment, standing at 12%. Therefore, absorbing foreign investment and creating job opportunities are high on the government’s agenda.”

Seif noted the finalization of several finance agreements worth around 40 billion euros in the past year, adding “these finances will be allocated to Iranian projects via several banks in South Korea, China, Denmark, Austria, Russia and Italy.”

The CBI governor further expressed hope that more countries would join the list of foreign financers in the near future.