Baku, Azerbaijan, June 26
By Fatih Karimov - Trend: Iran and Turkey have replaced the US dollar with their national currencies, rial and lira, in bilateral trade, said Jalal Ebrahimi, the secretary general of Iran-Turkey joint business council.
The monetary agreement between the two countries has been enacted, and at present the two countries do trade based on rial and lira, Iran's ISNA news agency quoted Ebrahimian as saying June 26.
Under the regime of sanctions, using national currencies is the best way for commercial transactions, he said.
However, despite using the national currencies, the bilateral trade has followed a downward trend in recent months, mainly because of regional tensions and a fall in exports of Turkey to other countries, he explained.
Turkey was the 6th leading importer of Iranian non-oil goods in the previous Iranian fiscal year, which ended on March 20, 2015, according to the Iran Customs Administration.
Iran exported $2.158 billion of non-oil goods to Turkey and imported $3.822 billion of non-oil goods from the country.
In the first two months of the current Iranian fiscal year, Iran exported $297.529 million of non-oil goods to Turkey and imported $509.748 million of non-oil goods from the country.
Edited by CN