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Iran's export to Iraq increases

Business Materials 5 August 2020 17:52 (UTC +04:00)
Iran's export to Iraq increases

TEHRAN, Iran, Aug.5

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Iran's commodity export to Iraq has increased by more than 20 percent in current Iranian year (started March 20, 2020) comparing to last Iranian year (started March 21, 2019), said board member of Iran-Iraq Joint Chamber of Commerce.

"This increase was conditioned thanks to the possibility of money transaction," said Yousef Bapiri, Trend reports citing ILNA.

"Borders of Iraqi Kurdistan were open, so Iran could export goods to Iraq. Despite the problems caused by the coronavirus spread, Iran's commodity export to Iraq did not stop," Bapiri said.

"Although sanctions led to limitations in banking transactions and trade turnover, the export foreign currency revenues have returned," he added. "Exporters should remain committed to returning foreign currency revenues back to the country to support production, employment and economic cycle."

"The statistics by the Central Bank of Iran (CBI) show that more than $7 billion export revenue has not been returned to economic cycle by 250 individuals," Bapiri noted.

"The Central Bank of Iran's four-month deadline for returning foreign currency revenue set by CBI is acceptable; meanwhile, those exporters that are having problems can solve them by communicating with the bank," he said.

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