Iran introduces credit cards for first time

September 25, 2016 12:21 PM EDT

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(Reuters) - Iran introduced credit cards for the first time on Sunday, the Iranian Students’ News Agency (ISNA) reported.

Iran is looking to bolster its oil production and economy after world powers in January lifted sanctions against the Islamic Republic in return for Tehran complying with a deal to curb its nuclear ambitions.

Valiollah Seif, the head of the central bank of Iran, cautioned that it could take some time for banks to get used to the credit card system.

“It would be incorrect to think that these cards will be used quickly within the banking network,” ISNA quoted Seif as saying.

The cards will be offered with limits of approximately 3,000, 10,000 and 15,000 dollars and can be used for purchases in shops or online.

(Reporting by Babak Dehghanpisheh in Beirut; editing by Jason Neely)

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