Tehran seeking to implement its monetary treaties with neighbors
Tehran, Iran, July 7
By A. Shirazi - Trend:
The governor of the Central Bank of Iran said Tehran has signed monetary treaties with Russia, Azerbaijan and Iraq to trade in national currencies.
We are pursuing to put the treaties into practice, Valiollah Seif said on July 7, according to ICANA, the official news outlet of the parliament.
He added that the government is fully aware of the capacities of such agreements, and that is why it has signed bilateral and multilateral monetary treaties with some nations.
Stressing that the Iranian government has not fallen short of its goals to back the country’s national currency, Seif said the monetary treaties can solve part of the problem.
Seif further referred to Iran-Turkey monetary treaty and said, “the mutual treaty has become operational and a number letter of credits for business transactions in their national currencies have been opened”.
Back in May, the head of Iran-Turkey Studies Center and Secretary-General of the two countries’ commercial council, Jalal Ebrahimi, said Tehran and Ankara planned to ditch US dollar and use national currencies in their bilateral trade.
The first foreign exchange swap in the Iranian rial and Turkish lira took place in mid-April after months of anticipation, which followed an agreement signed last year to use local currencies in trade.