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Thread: Negotiations between Iraq and Iran to adopt the local currency trade of the two countries

  1. #1
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    Default Negotiations between Iraq and Iran to adopt the local currency trade of the two countries


    Negotiations between Iraq and Iran to adopt the local currency trade of the two countries
    12/17/2018


    Shafaq News / Negotiations are underway between the Central Bank of Iran and the Iraqi to finalize the opening of credit between the banks of the two countries officially through the use of the Iranian riyal and the Iraqi dinar.

    "We have no problem with exports to Iraq, because our exports have reached 8 billion dollars in the last 8 months," said Yahya al-Ishaq, head of the Joint Iranian-Iranian Chamber of Commerce.

    He added that "negotiations are underway and close to completion between the Central Bank of Iran and Iraq to be the process of opening credit through banks and formally through the adoption of the riyal and the dinar."

    He stressed that if the agreement was signed by both countries, the banks of the two countries will be able to open documentary credit L / C to each other.

    The Chairman of the Joint Iranian-Iraqi Chamber of Commerce said that the financial transactions of the traders of the two countries are currently underway through banking and a limited number of banks.



    http://www.shafaaq.com/ar/Ar_NewsReader/d3f4d6b3-15a3-4781-bed0-675313bce919

  2. #2
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    Default Re: Negotiations between Iraq and Iran to adopt the local currency trade of the two countries



    Iran has negotiated Iraq to use local currencies instead of the dollar
    12/17/2018

    The head of the Iran-Iraq Joint
    Chamber of Commerce Yahya al-Ishaq said on Monday that the Central Bank of Iran has begun negotiating with its Iraqi counterpart to open bank accounts in order to use local currencies (the Iranian riyal) and the Iraqi dinar in commercial transactions between the two countries Instead of the US dollar.


    "Negotiations between the Central Bank of Iran and the Iraqi government have made great strides in the use of local currencies in trade exchanges between the two countries," he said, adding that there was no problem exporting to Iraq.


    He said that "Iran has no problem for export to Iraq" and that "these negotiations between the central banks of Iran and Iraq intended to provide facilities for traders."


    "The financial transactions between the two countries are currently being conducted through a currency exchange facility through one or two banks," the official said.


    According to statistics provided by the head of Iran-Iraq Joint Chamber of Commerce, Iran's exports to Iraq in the first eight months of the year were worth "eight billion dollars."


    US Energy Secretary Rick Perry flew to Iraq last week and spoke to Baghdad officials about US sanctions against Iran, calling on Baghdad to reduce its dependence on energy imports (gas and electricity) from Iran.


    For his part, Iranian Ambassador to Baghdad Iraj Masjedi said on Sunday that trade exchanges with Iraq could reach 20 billion dollars, adding that "the two countries have the ability to raise exchanges in the coming years."

    http://aynaliraqnews.com/index.php?aa=news&id22=110701

  3. #3

    Default Re: Negotiations between Iraq and Iran to adopt the local currency trade of the two countries


    Can someone explain what this means for our investment?

  4. #4
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    Default Re: Negotiations between Iraq and Iran to adopt the local currency trade of the two countries


    Means nothing to Rial investores. Iran is fully under US sanctions.

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