Iran’s banking sector has suffered a lot in the past few years due to the crippling sanctions imposed on Tehran over its nuclear energy program, but the industry would survive if sanctions are lifted, Iran Zamin Bank’s CEO Mohsen Hashemi said on Saturday, as reported by IRNA.

“Banks are social and economic entities that can directly affect both the citizens and manufacturing, as they can help improve employment,” he said, expressing hope that Iranian banks, which are in desperate financial situation, would “reemerge in the near future.” Iran and the six world powers, known as P5+1, reached a historic nuclear agreement on July 14, paving the way for Iran to get rid of nuclear-related sanctions weighing on its economy in exchange for it limiting parts of its nuclear program.

By Financial Tribune