News ID: 232466
Published: 0414 GMT October 08, 2018

Iran ready to establish joint bank with Iraq to facilitate trade

Iran ready to establish joint bank with Iraq to facilitate trade

Iran's private banks have expressed readiness to establish a joint bank with their Iraqi peers.

"The groundwork for establishing a joint bank is ready. Despite the limitations, establishing such a joint bank is possible," said Yahya Al-e Es'haq, head of Iran-Iraq Chamber of Commerce, reported Eghtesad Online on Monday.

The bank will function under the regulations of central banks of the two countries to facilitate money transfer, Al-e Es'haq noted.

According to the report, Iran-Iraq trade amounted to $4.56 billion in the six-months from March 21 to September 22, showing a 31-percent growth in value.

Meanwhile, on Monday, Jaafar al-Rasoul al-Hamdani, head of the Federation of Iraqi Chambers of Commerce, said easing money transfer is one of the most important factors in boosting economic relations.

Iraqi banks are willing to establish joint banks in collaboration with their Iranian peers, he added.

   
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