(PTI): The economic committee at Iran’s Majlis (Parliament) has approved the principle issues of a bill concerning the establishment of foreign banks in Iran.

“The main issues of the establishment of foreign banks in Iran via a joint investment by natural or legal persons and through an approval by Iranian money and credit council, have been approved, spokesman for the Majlis’ economic committee, Mohammad-Reza Khabbaz told the Islamic Republic News Agency on Sunday.

He added that the set up of foreign banks in Iran would be allowed in different forms of commercial companies.

“The economic committee amended the fifth clause of the article 44 of the constitution so that the move was possible,” he said.

Khabbaz said that discussion over the details of the bill would start in two weeks.

Earlier in May, head of Central Bank of Iran Mahmoud Bahmani said seven foreign banks are interested in opening branches in the country.

The comment came days after Iranian First Vice President Parviz Davoudi said that US banks are among the international financial institutions that have shown an interest in opening branches in Iran.

Last month, an Iranian daily also reported that four American banks, including Citibank and Goldman Sachs, have applied for approval to open a branch in Iran.

For the first time since the 1979 Islamic Revolution, Iran is planning to allow foreign banks to establish branches in the country.