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Iran, Iraq trading in national currencies

Business Materials 11 August 2018 10:18 (UTC +04:00)

Baku, Azerbaijan, August 11

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Head of Iran-Iraq Chamber of Commerce Yahya Al-Eshaq said Tehran and Baghdad are using rial and dinar for their business transactions.

“Iran and Iraq no longer use the US dollar in their trade and the transactions are based on rial and dinar,” Al-Eshaq told ISNA news agency on August 11.

He added that banking ties between the two neighboring countries would be also not affected given the measures taken by the Iranian and Iraqi central banks.

Describing Iran-Iraq political and economic ties as “strategic”, the official said the volume of trade exchange between the two countries currently stands at $12 billion.

The figure is expected to reach $20 billion in the current Iranian calendar year (started arch 21), Al-Eshaq noted.

Iran traded 3.47 million tons of non-oil commodities worth $1.77 billion with Iraq during the first three months of the current fiscal year (March 21-June 21), registering a 1.12 percent and 9.11 percent growth.

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