Iran, Iraq central banks negotiating bilateral trade in national currencies

TEHRAN, Dec. 17 (MNA) – The Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Eshagh says that the central banks of Iran and Iraq are finalizing negotiations over bilateral trade in Dinar and Rial.

Yahya Ale-Eshagh, the Chairman of Iran-Iraq Chamber of Commerce, said Monday that the talks between the central banks of Iran and Iraq are taking place and reaching to a conclusion, based on which financial transactions will be conducted through the Iranian Rial and Iraqi Dinar.

He said that talks with the Iraqi side are continuing to facilitate the bilateral trade, adding “negotiations between the central banks of Iran and Iraq are reaching to a conclusion in order to formally open bank accounts and LCs through the Rial and Dinar.”

The business official said that when the agreement is finalized, the two countries banks can open LCs (Letters of Credits) for each other.

He further noted that the two countries’ bilateral financial transactions are currently conducted through a bank and two exchange shops.

KI/Tasnim1900400

News Code 140621

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