News ID: 258790
Published: 0226 GMT September 16, 2019

CBI governor: Iran, Turkey presidents discuss expanding economic, banking relations

CBI governor: Iran, Turkey presidents discuss expanding economic, banking relations

The governor of the Central Bank of Iran announced on Monday that bilateral talks between the presidents of Iran and Turkey focused on how to expand economic and trade relations, especially Iran-Turkey banking relations.

Referring to the negotiations in Ankara, Abdolnaser Hemmati said that both sides emphasized increasing bilateral trade and resolving banking issues, IRNA reported.

Iranian President Hassan Rouhani held the meeting with his Turkish counterpart Recep Tayyip Erdogan in Ankara ahead of a trilateral summit on Syria, which is to include Russian President Vladimir Putin.

He said we discussed banking issues with the governor of the Central Bank of the Republic of Turkey (CBRT) on the sidelines of the negotiations of presidents.

He said in a post on his Instagram page that the central banks of Iran and Turkey would seek to go beyond the current size of trade payments settled in local currencies, which he said is around 34 percent of the total exchanges between the two countries.

The announcement comes amid Iran’s efforts to use payment mechanisms that could protect trade with other countries from American sanctions.

Such schemes have been set up to accommodate exchanges with major partners like Iraq and India while the share of payments settled in local currencies in trade with Russia is also increasing.

Trade between Iran and Turkey has remained largely unaffected by US sanctions since they were enacted in November.

Official estimates suggest that overall trade between the two is still at levels above $10 billion although Iran’s exports to Turkey, which mostly cover energy and petrochemicals, has slightly decreased over the past months.

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