TEHRAN, Aug. 3 (UPI) -- A German bank will be launched soon in Iran to facilitate trade, Central Bank of Iran governor Valiollah Seif announced Monday.

Days after the July landmark nuclear agreement which will likely improve Iran's economy with the release of previously frozen funds, a 100-member German delegation visited Tehran, and met with Iranian President Hassan Rouhani, to explore banking opportunities. German Vice-Chancellor Sigmar Gabriel said at the time that "Germany's trade community is willing to return to Iran and have cooperation with Iranian partners."


Seif, speaking to Tehran's Chamber of Commerce, Industries, Mines and Agriculture Monday, noted, "According to the regulations of free trade zones, foreign investors can establish new banks or bank branches in the areas," referring to Iran.

Iran has been the subject of economic sanctions from the United Nations and from Western powers due to its nuclear energy program, which has the potential to build nuclear weapons.

A timetable for opening the bank was not revealed.