Iran denies cutting dirham trade with UAE

Business Materials 25 December 2011 11:53 (UTC +04:00)

Azerbaijan, Baku, Dec. 25 / Trend F.Milad/

The Central Bank of Iran has rejected some news published in recent days on cutting dirham-based trade with the United Arab Emirates, emphasizing that the two-way trade is going on as before, the Fars news agency reported.

A member of the Iranian Parliament said on Friday that the Iranian administration has decided to ban opening LCs for importing goods from the United Arab Emirates in response to illogical behaviors of the UAE under the pressure of international sanctions against Iran.

Speaking to the Mehr news agency, Gholamreza Mesbahi-Moqaddam added that the neighboring countries, including the UAE, should resist pressures of the arrogant powers in order to benefit from their toes with the Islamic Republic.

A number of media outlets reported on Tuesday that the Trade Promotion Organization of Iran had refused to register new orders from the neighboring country.

On Tuesday, Iran's First Vice President Mohammad Reza Rahimi warned the UAE not to bow to the U.S. pressure, saying some anti-Iran measures adopted Abu Dhabi cannot harm the Islamic Republic

Meanwhile, Foreign Minister Ali Akbar Salehi on Wednesday dismissed reports about the suspension of relations with the UAE, stressing that the two countries have steady ties, Press TV reported.

Recent data from the UAE customs authority shows that re-export trade between Iran and the UAE - goods sent to the UAE for on-shipment to Iran and Iranian goods sent to the UAE for on-shipment to other countries - totalled 19.5 billion dirhams ($5.3 billion) in the first six months of this year, up from 14.3 billion dirhams a year earlier, according to Reuters.