Iranian, Turkish banks to use national currencies in bilateral trade: Official

Tasnim – Iran’s Deputy Minister of Industry, Mine and Trade Sadeq Najafi announced that the two countries have reached an agreement on the exchange of Turkish lira with Iranian rial in banking transactions.

Speaking to reporters on the sidelines of the 24th round of Electronic, Computer and E-Commerce Exhibition (Elecomp 2018) in Tehran on Monday, Najafi said exchanging lira with rial in Iran-Turkey bilateral trade has been approved and will be pursued through the banks of the two countries.

“Although some private banks may not accede to this issue (using national currencies), there are various ways in which the two countries can do trade, and there are companies and individuals that pave the way (for it),” he added.

He further pointed to the possibility of using digital currencies in bilateral transactions, saying that if the necessary infrastructure is provided, the two countries can trade using electronic money.

Iran is ranked 19th in the list of top export destinations of Turkey and has been reported as the 7th major source of imports to Turkey in the first five months of this year.

Iran and Turkey have set a $30-billion annual trade target, signing several agreements to enhance cooperation in various areas.