Iran's Minister of Economy and Finance Shamseddin Hosseini announced in Tehran the establishment of a joint Iranian-Syrian bank. Al Aman, the joint bank, will have branches inside Iran and Syria, Hosseini said. He also said that the building of the bank in Syria has been purchased [Mehr News Agency, 9 March].
On a related development, Iran and Syria signed a new trade agreement reducing all existing tariffs to four percent within five years.
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