Iran is slated to go live with an offshore bank within a month in its Gulf islands, Forbes reported.
Kish Island, where the bank is being set up, has been a tourist attraction for years. The placement there will let firms capture cross-border knowledge and payments. The impetus is to ride the wave of cross-border payments. The activities will extend across money tied to both foreign and domestic entities.
The banking industry at large in the country has suffered from punitive sanctions. The need for recapitalization is one that comes even as banks of all stripes and sizes have been hard-pressed, said the financial publication, to find counterparties for risk management.
Foreign direct investment is also markedly high in Iran, as there are nearly two dozen projects worth a total of $3.5 billion in the first quarter of this year. The oil sector is rebounding, and sanctions are being lifted.
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