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Central Bank: agreement reached on payment mechanism for Iraq's debt to Iran

Finance Materials 6 February 2019 16:00 (UTC +04:00)

Baku, Azerbaijan, Feb. 6

By Elnur Baghishov – Trend:

The agreement on the financial payment mechanism between Iran and Iraq was signed last night in the Iraqi capital Baghdad, Trend reports referring to the Central Bank of Iran’s website.

Abdolnaser Hemmati, the General Director of the Central Bank of Iran, and Ali Al-Alaq, General Director of the Central Bank of Iraq, signed the agreement.

At the signing ceremony, Hemmati said that Iraq is Iran's largest trade partner and the continuation of relations between the two countries requires banking relations.

According to him, Iran has gained access to affordable financial solutions for exchanges with Russia, Turkey, India, China and other countries.

"I believe that, through cooperation with the Iraqi government, as well as accelerating economic relations and establishing the financial mechanism, we will get favorable results," he said.

According to the agreement, Iraqi debts to Iran from gas and electricity exports will be paid or transported under the payment rules of the Central Bank of Iran. Iran's future export revenues will also be used within that framework.

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