Iran-Iraq Banking Problems "Settled"

The Secretary of Iran-Iraq Chamber of Commerce said the obstacles to banking interaction between the two neighbors have been settled and the bilateral trade exchange is fairly normal.

In comments at a televised program on Sunday night, Hamid Hosseini said the problems with banking relations between Iran and Iraq have been resolved and the process of exports to Iraq as well as trade exchange with the Arab country has become stable and much better than before.

Iranian exporters’ concerns about trade with Iraq under a currency agreement have been addressed, the official noted, expressing hope that the process of steady trade exchange with Iraq would continue in the coming Iranian year.

Hosseini pointed to a 32-strong delegation of Iranian private sector’s business people accompanying President Hassan Rouhani in an ongoing trip to Iraq, saying the presidential visit will produce perfect results for the private sector.

A large number of technical and engineering projects worth 7 to 8 billion dollars which Iranian private sector companies were carrying out in Iraq have remained unfinished since the rise of the Daesh (ISIL) terrorist group in 2014, the official said, hoping that Rouhani’s trip would help address the issue.

Heading a high-ranking delegation, Rouhani left Iran for Iraq at the official invitation of Baghdad.

It is Rouhani’s first official visit to Iraq during his tenure.

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

Speaking at a joint press conference with Iraqi President Barham Salih in Tehran in November, Rouhani said the value of trade and economic interaction between Tehran and Baghdad stands at around $12 billion, adding that the two neighbors have the potential for a $20-billion trade target.

(Source: Tasnim, under Creative Commons licence)

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