News ID: 4054188 -
Economy min.:

Iran-EU currency market exchange underway in euro

TEHRAN, Aug. 09 (MNA) – Economy Minister Tayebnia said no barrier existed on conducting Iran’s banking transactions with European countries using euro.

Ali Tayebnia, Iranian Economy Minister, however noted that the country’s forex exchange in dollar was facing certain limitations mainly due to old sanctions imposed by the US. He clarified that the hurdles did not pertain to nuclear sanctions.

“Limitations in dollar-based foreign exchanges has caused difficulties for European banks who have close relation with American monetary institutions and are also eager to work with Iranian counterparts,” he continued.

Iranian economy minister went on to stress that a great portion of the country’s currency market exchanges were being made in euro.

“Following sanctions removal and implementation of the Joint Comprehensive Plan of Action (JCPOA), costs of Iran’s forex exchanges have declined substantially,” he underlined.

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