Iran, Turkey ink draft deal on currency swap

Business Materials 10 October 2017 13:35 (UTC +04:00)

Baku, Azerbaijan, Oct. 10

By Khalid Kazimov – Trend:

Senior bankers from Iran and Turkey have inked a draft deal on the swap of Iranian rial and Turkish lira, the Central Bank of Iran said.

The draft deal was discussed during a recent visit by the governor of the Central Bank of Iran (CBI) Valiollah Seif to Turkey, the CBI’s official website reported Oct. 10.

The report said the agreement seeks to facilitate trade between the two countries through allocating loans and direct investment using national currencies.

Seif paid an official visit to Turkey on Monday to discuss expansion of banking ties.

Last week, Turkish President Recep Tayyip Erdogan arrived in Iranian capital Tehran to discuss mutual and regional issues, including banking cooperation.

Trade turnover between Iran and Turkey stood at $7.252 billion during the first eight months of 2017.