Iraq, Iran discuss ditching dollar to expand trade ties

Baghdad and Tehran are keen on expanding their commercial ties despite the US unilateral sanctions. Ditching dollar is one way to reach this goal.

10 August 2019
ID : 22156
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Iraq and Iran are in talks to ditch dollar in their bilateral trade exchanges, according to Iraqi envoy to Iran, as the two countries are seeking to expand their commercial ties despite the US sanctions.

“There have been talks between Iran and Iraq to bypass the US sanctions by eliminating dollar from their bilateral exchanges. Iraqi dinar is set to replace the US dollar,” said Iraqi Ambassador to Iran, Saad Abdul Wahab Jawad Qandi.

The Iraqi envoy stressed that restored US sanctions on Iran are not accepted by Iraq, adding that they haven’t affected Baghdad-Tehran trade ties.

“Trade and economic authorities of the two countries are trying to realise their set targets. New contracts, including financial contract, are also being signed between the two countries, as well,” he said.

Late last July, Securities and Exchange Organization (SEO) of Iran and the Iraqi Securities Commission (ISC) signed a Memorandum of Understanding (MoU) to create a joint investment fund.



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