Speaking to the Tasnim News Agency on Monday, Petrov said the representatives of Bulgarian banks are accompanying the high-ranking delegation visiting Iran.

He further expressed the hope that banking ties between the two countries would resume as soon as possible to help boost trade relations.

The deputy minister noted that the value of trade between Bulgaria and Iran used to be over $1 billion, expressing the hope that the bilateral trade will reach that level again.

The visit by the Bulgarian delegation comes against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached a conclusion over the text of a comprehensive 159-page deal on Tehran's nuclear program and started implementing it on January 16.

The comprehensive nuclear deal, known as Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.

Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.