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Banking ties between Iran-Iraq strengthen

Finance Materials 7 February 2019 15:06 (UTC +04:00)

Tehran, Iran, Feb.07

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On the second day of his visit to Iraq, the Governor of Iran's Central Bank Abdol Nasser Hemmati met with the members of the Iraqi Chamber of Commerce and economic experts, and announced the opening of Irag's Al-Rashid Bank's branch in Iran.

“The United States had implemented the most severe sanctions against Iran and sought to create anarchy in Iran by weakening the national currency. But with the efforts of the officials of Iran's government and people, we managed to control inflation,” said Hemmati, Trend reports citing ILNA.

Referring to the talks with the head of the Central Bank of Iraq, Hemmati said that Iran believes that banking relationships are the key to developing bilateral economic relations and I saw the great willingness in developing bilateral relations with Iraqi officials.

Hemmati explained the mechanism for dealing with Iraqi businessmen and said according to the agreement, the Central Bank of Iran will have euro and dinar accounts, and the gas and oil exchanges will be carried out through these accounts.

“Now our biggest partner is Iraq,” he said. “Iranian exporters should be able to operate through Iraqi banks on the basis of agreements, and in this regard, Iranian banks can have a dinar account in Iraqi banks; therefore, with these agreements and with the approval of the Iraqi prime minister, the relations between Iran and Iraq will be much stronger.”

The head of the CBI added that Iraqi companies can also open accounts at Iranian banks and carry out transactions in dinar.

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