Iran, Afghanistan hold talks on easing foreign currency return

MNA – Iran and Afghanistan have held talks to build banking ties and expand commerce between the two countries, with a focus on facilitating the return of foreign currency from exports into the Islamic Republic.

Seyed Hossein Salimi, deputy director of the Money and Capital Market Commission of the Tehran Chamber of Commerce, Industries, Mines and Agriculture, made the remark, saying that officials at the Central Bank of Iran have held talks with executives at the Kabul-based Arian Bank so as to provide the grounds for return of revenues from exports into Iran ‘in dollar’.

Noting that Afghanistan has had longstanding rial-based financial transactions with Iran, the official said Kabul currently does not have the necessary banking system and infrastructures to pay Iranian traders with dollar.

Based on the talks between the two sides, Salimi added, a branch will open in each country via which the foreign currency (dollar) will be transferred safely. he did not provide further details.

He added that traders from the government and the private sector are all of the opinion that the revenues from exports should return to the country as soon as possible so as to oil the wheels of the industry; however “modifying the procedures and providing the new infrastructures will take time”.