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Tuesday, October 10, 2017
Iran, Turkey Agree to Use Nat'l Currencies in Trade Transactions

Iran, Turkey Agree to Use Nat'l Currencies in Trade Transactions
Tue Oct 10, 2017 2:39
http://en.farsnews.com/newstext.aspx?nn=13960718001016

TEHRAN (FNA)- Governor of the Central Bank of Iran (CBI) Valiollah Seif and
his Turkish counterpart Murat Cetinkaya in a meeting in Ankara approved the
draft of a memorandum of understanding (MoU) to use their national
currencies in their transactions.

Seif and Cetinkaya reached the agreement with the with the aim to facilitate
trade with the national currencies of the two countries in order to finance
trade and direct investment between the two countries.

Under the terms of the MoU, rial of Iran and Turkey’s lira will be easily
converted to each other and the issue will reduce cost of currency
conversion and transfer for traders of both sides alleviating the need for
other currencies.

In other words, the two central banks will be able to use international
payment instruments, including credits and negotiable ones, to finance trade
in national and local currencies, as envisaged in the agreement.

Also during the one-day visit of Seif, an agreement was inked between Iran’s
CBI on behalf of the government and the EBA Economic Development and Trade
Bank. The signing ceremony was attended by senior banking officials from
both countries.

In a relevant development in September, Iranian President Hassan Rouhani in
a meeting with his Turkish counterpart Recep Tayyip Erdogan in Astana called
for developing mutual cooperation, specially in economic and trade fields.

"Facilitating banking transactions is an important platform for developing
ties and cooperation between Tehran and Ankara,” President Rouhani said
during the meeting in Kazakhstan capital.

President Erdogan, for his part, underlined the need for boosting trade
exchanges between Iran and Turkey.

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