News ID: 258755
Published: 0301 GMT September 15, 2019

Iran, Turkey discussing national currency use in bilateral trade

Iran, Turkey discussing national currency use in bilateral trade

Iranian and Turkish banks are working on a plan to establish a financial channel between the two countries based on national currencies, in a bid to evade US sanctions against Tehran, Secretary of the Joint Iran-Turkey Economic Commission Bahman Hosseinpour said.

Talks are underway with Turkish banks to do transactions using national currencies, Hosseinpour said, noting that Iran is currently experiencing the toughest sanctions in its history, which is a major problem in the way of mutual cooperation, reported Fars News Agency.

Iran and Turkey are planning to define new areas of cooperation in the upcoming 27th Joint Iran-Turkey Economic Commission in Ankara next week, he added.

The 27th Joint Iran-Turkey Economic Commission meeting will deal with the latest situation of economic, trade, financial and banking relations between Tehran and Ankara.

Given the political resolve of the two countries’ leaders for promoting bilateral ties, suitable actions have been made, as a top-ranking delegation from Turkey visited Tehran recently.

As to diversification the two countries' economic and commercial cooperation, he announced the establishment of five financial, banking, energy, transit and health working groups which are tasked to monitor developments unfolding in the respective sectors and settle the problems facing them.

Late in June, Deputy Foreign Minister for Economic Diplomacy Qolamreza Ansari said that Iran gave priority to economic cooperation with the neighboring states and that currently the friendly neighbors of Iran make up for 95 percent of Iran’s foreign trade.

In July, the head of Iran-Armenia Joint Chamber of Commerce, Hervic Yarijanyan, said that Yerevan is working on plans to establish new trade relations with Tehran based on national currencies.

Last month, the Iranian president’s Chief of Staff Mahmoud Vaezi and Turkish President Recep Tayyip Erdogan, in a meeting in Ankara, exchanged views on increasing the volume of trade between the two countries, and underlined the importance of multilateral cooperation to maintain peace in West Asia.


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