Iran’s top banker Abdonnaser Hemmati, who is on a visit to Iraq with a ranking economic delegation, held a meeting with his Iraqi counterpart Ali Mohsen Ismail al-Alaq on Wednesday, Tasnim reported.

The CBI chief stressed the need for the promotion of monetary and banking cooperation between Tehran and Baghdad and the employment of a joint mechanism to expedite the process of supplying Iran’s needs for basic commodities.

Hemmati also pointed to the previous agreements between the two neighbors, saying Iran will be using its resources in Iraq to buy non-sanctioned and basic commodities.

In the meeting, representatives of the central banks of Iran and Iraq were tasked with working out the joint mechanism in detail to put it into practice.

In February 2019, governors of the central banks of Iran and Iraq had signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries.