Iran, Malaysia to expand trade ties using local currencies

News ID: 3915945 -
TEHRAN, Feb. 24 (MNA) – Deputy head of Central Bank of Iran stressed facilitating trade transactions by using local currencies, welcoming the interest of Malaysian banks in opening Ringgit accounts for Iranian trade banks.

Gholamali Kamyab heading a banking delegation to Kuala Lumpur, held talks with senior managers of trade banks and officials at the Central Bank of Malaysia on Friday.

During his meeting with Assistant Governor to the Central Bank of Malaysia Adnan Zaylani Mohamad Zahid, Kamyab maintained that Iranian banks are now connected to the Euro clearing system which allows transactions with European banks, and welcomed joint cooperation with Malaysian banks.

Kamyab said that Iran’s current policy is focused on facilitating trade transactions by using local currencies and currency contracts, adding “based on this policy, we warmly welcome the keen interest of Malaysian banks in opening Ringgit accounts for Iranian trade banks. Malaysian banks can also transfer the funds in Chinese yuan or Japanese yen in case of the Iranian side's willingness for currency transfer.”

The Malaysian official, for his part, voiced interest in transferring currency in yuan or yen, adding “at the moment, Malaysia uses yuan and yen for clearing its trade transactions and within this financial framework, we can be hopeful for further expansion of trade relations between Iran and Malaysia.”

During the meeting, the two sides also reached an agreement on the possibility of switching credit cards between the two countries to become realized in the near future. 

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