Iran, Turkey creating bilateral payment mechanism

Business Materials 4 June 2019 17:36 (UTC +04:00)

Baku, Azerbaijan, June 4

By Elnur Baghishov – Trend:

Iran and Turkey are creating a trade mechanism for making payments in national currencies, Iran's Ambassador to Turkey Mohammad Farazmand said.

The two countries intend not to use the US dollars in the trade turnover, Farazmand added, Trend reports referring to Turkish media.

Iran and Turkey are working on a new payment mechanism, and it is partially ready to be used, Faramazand noted.

In 2018, Turkey exported the goods worth $2.4 billion to Iran, while Iran exported goods worth $6.9 billion to Turkey.

No problems are expected to occur in the trade turnover between Iran and Turkey as a result of the US sanctions.

The US imposed sanctions on Iran in November 2018.