Iran-Iraq Business on Upward Trajectory despite US Sanctions: Baghdad
TEHRAN (Tasnim) – Trade with Iran has been organized according to a clear-cut structure, the governor of the Central Bank of Iraq said, adding that drawing up trade and business ties between the two countries have significantly increased despite the US sanctions.
Ali Muhsen al-Allaq made the comments on Saturday and stated that expert-level talks are ongoing to draw up the trend of importing products from the Islamic Republic.
The Central Bank of Iraq will achieve a clear-cut formula and structure in organizing business process with Iran, especially in the field of bartering deal, he emphasized.
A new payment method was defined and agreed for the settlement of Iraq’s dues on importing gas from Iran, al-Allaq added.
Elsewhere in his remarks, the governor of the Central Bank of Iraq pointed to the Baghdad’s decision for doing transactions with the foreign currencies except the US dollar and added, “Effective measures have been taken for admitting dirham of the United Arab Emirates, Lira of Turkey, Rupee of India and Euro as a part of facilitating the transfer of money in financial transactions.”
Earlier, Iraqi top banker had announced that his country will ditch US dollar in its transactions as of the next year in 2024, reiterating that Iraq will carry out all its domestic trade transactions and other relevant transactions with its currency unit i.e. dinar instead of US dollar.
