Iran recently faced secondary phase of US sanctions, which has
affected Iranian banking and insurance industry. In order to survive its trade
Iran is coming up with a new banking system. As per reports, Iran is likely
open special account in one of Iraq’s state-owned banks to receive export
According to Mehdi Alipour, President of the Investment Commission
of the Iran Chamber of Commerce, Industries, Mines and Agriculture “US waivers
for Iraq from Iran sanctions mean that the Arab country can do trade with Iran
without using the dollar.”
Details about choosing a bank for handling Iran’s export revenues
have not been officially announced but an account, in dinar and euro, will be
opened in a governmental bank.
Iraq has overtaken China as Iran’s main non-oil export market, a
report by the Islamic Republic of Iran Customs Administration for the seven months
of the current Iranian year (March-Oct) shows. Iran’s exports to Iraq surged by
55% in value and 65% in volume to reach $5.73 billion -- 21% of the total
export during the period.
Iran to Open Goods and Product Commodity Trading Center in Iraq
Recently, Deputy Governor of Iran's East Azerbaijan province Ali
Jahangiri said the Islamic Republic of Iran will set up a commercial center for
domestically-produced goods in Sulaymaniyah of Iraq.
Mr Jahangiri said, “This Center will be set up in Sulaymaniyah of
Iraq by the private sector for selling Iranian goods and products in this
region.” He revealed the acquisition of licenses required for the activity of
Iranian center for commercial goods.
Mr. Jahangiri placed special emphasis on the necessity of boosting
trade volume exchanges between Iran and Iraq and added, “Increased volume of
trade has provided a suitable ground for the development of trade exchanges
between Iran and Iraq.”
Source: steel mint