Iran Chamber of Commerce Likely to Open Special Account with Iraqi Central Bank

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 earnings.

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."

Inputs from Financial Tribune and Mehr News