The Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Eshagh announced that Iran and Iraq have agreed to eliminate US dollar from trade transactions between the two countries. “US dollar has been removed from the list of currencies used by Iran and Iraq in their trade transactions and they are using Iranian rial, euro and Iraqi […]
The Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Eshagh announced that Iran and Iraq have agreed to eliminate US dollar from trade transactions between the two countries.
“US dollar has been removed from the list of currencies used by Iran and Iraq in their trade transactions and they are using Iranian rial, euro and Iraqi dinar for financial transactions,” said the Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Eshagh, on Saturday.
The Iranian former minister of commerce made the remarks, referring to how Iran and Iraq are continuing trade after the imposition of US unilateral sanctions against Iran.
He added that another part of trade between Iran and Iraq is keeping in place with merchants agreed methods like the exchange of commodity for commodity.
Answering a question on the amount of transactions carried out through banking system, the official added that considering the volume of 8 billion dollar trade between the two countries, a small portion is done through banks.
“Resolving banking system problem must be a priority for both Iran and Iraq as the two countries have at least 8 billion dollar transaction in the worst times,” he underlined.
