"The euro-based settlement system for South Korea-Iran trade will start on Aug. 29," Yoo Il-ho said as cited by Yonhap news agency recently.
"The opening of the system will help further promote bilateral trade and investment (between the two countries),” he added.
The finance minister further said the country’s KEB Hana Bank, Shinhan Bank and Woori Bank will handle the euro-based payment system, which uses the euro as a medium of trade, which is widely preferred by Iranian companies.
The euro-based payment system is expected to pave the way for Korean businesses to speed up $45.6 billion worth bilateral projects that have been sealed in May during President Park Geun-hye’s visit to Iran following the removal of anti-Tehran sanctions.
The sanctions were lifted after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached an agreement on Iran’s peaceful nuclear program and started implementing it on January 16.
