ECONOMY   Banks  

Iraq, Iran consider removing dollar from bilateral trade: envoy

Iraqi Ambassador to Iran Sa’d Javad Qandil said his country and Iran are considering mechanisms to use local currencies in their bilateral trade to reduce reliance on the U.S. dollar, Mehr news agency reported.

The two neighbors are holding talks to find the best way to facilitate their financial transactions, the ambassador noted.

The Iraqi diplomat once again reiterated his government's clear stance against the U.S.’ unilateral sanctions against Iran, saying such restrictions are against the international rules and regulations.

Noting that the bilateral trades between Iran and Iraq have not been affected by the sanctions in the past year, Qandil expressed his country's readiness to increase the level of cooperation with Iran in various economic spheres.

Iraq is currently Iran’s biggest trade partner and the two countries have been taking significant steps to improve their mutual trade over the past few years.

In early February, central banks of Iran and Iraq reached an agreement to set up a payment mechanism to facilitate banking ties and boost trade between the two countries.

In the meeting, Central Bank of Iran Governor Abdolnasser Hemmati who visited Iraq to discuss expansion of banking relations, expressed hope that the trade balance between the two neighboring countries would increase even more.

In early May, officials from the two countries held a meeting in Tehran to discuss establishing an Iran-Iraq trade committee.

According to Iran’s Trade Promotion Organization (TPO), in the meeting, the two sides discussed several issues including joint investment and establishment of industrial zones, facilitating the transit of goods, facilitating business travels, organizing pilgrimage and health tourism, as well as solving the existing problems regarding mutual trade.

Iran’s exports to Iraq have increased by 37 in the last Iranian calendar year (ended on March 20) and the two neighbors have it on agenda to boost their mutual trade to $20 billion by 2021.


Leave a Comment:


Cryptocurrency campaign seeks to help Iran flood victims

An independent campaign has been launched in Iran in order to attract international aid in cryptocurrency for flood victims in the face of US sanctions which have choked off foreign funds.

China resumes work on three key projects in Iran despite US sanctions

China has reengaged with Iran on three key projects despite US sanctions on the Islamic Republic, the Oil Price quoted a senior oil and gas industry source who works closely with the Iranian Oil Ministry.

Russia eyes Iran’s Chabahar to transit goods

Russia is seeking to use Iran’s Chabahar port in order to transit goods to other countries especially to the Indian subcontinent, Tasnim reported, quoting Sergei Milushkin, managing director of Astrakhan Special Economic Zone in Russia, as saying.

Iranian heavy crude oil price rises $1.77 per barrel in July: OPEC

Iranian heavy oil price increased $1.77 in July, according to OPEC’s latest monthly report published on Friday.

CBI sees stable currency market after turbulent year

Governor of Central Bank of Iran (CBI) said the currency market is moving toward stability and predictability after a year of turmoil, IRNA reported.

NIOC research directorate to conduct 25 major projects

Head of the National Iranian Oil Company (NIOC) Research and Technology Directorate said his office is going to conduct 25 major research projects worth nearly 700 billion rials (about $16 million).
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners