Bank accounts in Iran | LegaMart

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QuestionOct 5, 2020 - 12:37

Bank accounts in Iran

Banks can register security in Canada against our cash in bank accounts also. Can you do the same in Iran? Can a foreign lender do that?

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Hamid Bagherzadeh

Tehran, Iran

Oct 5, 2020 - 14:28

Cash in bank is capable of being used as security in the form of Bank Guaranteed Note (Banking Guarantee ”BG”). In this case, the borrower’s money will be blocked in the Bank and will not be available for the borrowers use. However, it is possible to contract with Iranian banks and get credit instead of loan in order to issue BG.

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