Iran central bank to open accounts at South Korean banks

Iran's central bank has agreed to open won accounts at two South Korean state-owned banks to avert disruption in bilateral trade despite international sanctions, Seoul's finance ministry said on Friday.

The Iranian central bank plans to open the accounts with the Industrial Bank of Korea and Woori Bank by the end of this month so that exporters and importers from both countries can settle their transactions in won , it said in a statement. (Reuters)