News ID: 253199
Published: 0214 GMT May 22, 2019

Iran to set up financial channel to receive export revenues from Iraq

Iran to set up financial channel to receive export revenues from Iraq

Iran will launch a special financial channel to receive the revenues from exports to Iraq.

Secretary General of the Iran-Iraq Joint Chamber of Commerce Hamid Hosseini made the remarks on Wednesday, reported Fars News Agency.

Talks are underway for the exemption of outsourcing currency of exporters of fresh fruits and vegetables, he added.

Hosseini said, “Following the coordination made with the officials of the Central Bank of Iran, we are seeking to launch a different financial channel for inflowing currency obtained from exports to Iraq.”

Also, it was agreed that Iranian exporters of products to Iraq should make use of services provided by Iranian banks in neighboring Iraq, he said.

Iraqi Power Minister Luay al-Khateeb announced earlier this month that Baghdad had informed the US that it would not comply with the US’ unilateral sanctions against Tehran as the Arab country still needed Iran’s gas and electricity.

Al-Khateeb said in response to US demand to cut oil and gas imports from Iran that his country would need them for at least three years.

Talking to the Iraqi media, he reiterated that Iraq would need two or three years to achieve self-sufficiency in the field, which would be possible only if big projects were implemented.

“Iraq has told the Americans it currently needs to import gas and electricity from Iran, as it is importing close to 1,200 megawatts of electricity as well as gas for generating 2,800 megawatts of electricity from the country,” al-Khateeb said.

If the big projects would be executed within the next two or three years, “we will need no imports from Iran,” he said.


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