Persian Gulf Arab states’ chambers of commerce suspend cooperation with Iran

Business Materials 26 November 2012 14:05 (UTC +04:00)

Azerbaijan, Baku, Nov.26 / Trend A.Taghiyeva /

The Chambers of Commerce affiliated to the Cooperation Council for Arab States of the Gulf (GCC) decided to suspend dealings with the Iranian Chamber of Commerce, member of the Chamber of Commerce of Oman, Kamila Al Aufi told the Saudi newspaper Al-Iktisadi.

She said the GCC chambers of commerce decided not to renew trade agreements with Iran and the reason was the Western sanctions imposed against Iran, as well as the sharp fall in the rate of the Iranian rial.

Al Aufi noted that some chambers of commerce will continue cooperation with Iran until the agreements which were signed before the sanctions, expire.

In September, Iran observed a sharp depreciation of its national currency against the dollar. In mid-September, the dollar price in Iran increased from 13,000 to 25,000 rials and in late September the dollar price was already 36,000 rials on Iran's free market.