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Iranian, South Korean firms to trade in Euro soon: Report

2 Aug 2016 - 9:33


TEHRAN (Tasnim) – South Korean companies will be able to trade with their Iranian counterparts in the euro currency instead of the local won from as early as September, a report said.





South Korea will start trial run in the new payment system as early as next month before full-fledged service following the removal of anti-Tehran sanctions, Pulse News reported on Monday.

The euro-based payment system is expected to pave the way for Korean businesses to speed up $45.6 billion worth bilateral projects that have been sealed in May during President Park Geun-hye’s visit to Iran.

Korean firms will reportedly start working with Iranian companies in euro upon receiving a green light from Washington.

Korean companies had been under compliance of US-led sanctions on Iran for its peaceful nuclear activity.

The sanctions were lifted after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached an agreement on Iran’s peaceful nuclear program and started implementing it on January 16.

By Tasnim News Agency


Story Code: 225315

News Link :
https://www.theiranproject.com/en/news/225315/iranian-south-korean-firms-to-trade-in-euro-soon-report

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