BAGHDAD, The Head of the Iranian-Iraqi Chamber of Commerce Yehia Al-Ishaq announced today that the two countries will stop trading in US dollars in terms of trade exchanges between the two countries.
"The dollar exchange between Iran and Iraq has been canceled, and most of the exchanges will be in the currencies of the euro, the Iranian riyal and the Iraqi dinar," Al-Ishaq said about the Iranian-Iraqi financial exchange.
He added that another part of the trade between Iranian exporters and Iraqi traders will be in accordance with the exchange of goods or in a consensual manner."
"With 8 billion dollars in trade volume between Iran and Iraq, the volume of money transfers between the two countries is very low through banks," he said.
He pointed out the obstacles to the establishment of a joint Iranian-Iraqi bank, saying: The solution of banking issues should be a priority of the Iranian economy, because at the worst conditions we have a trade exchange with Iraq worth $ 8 billion.
Al-Ishaq said Iraq is Iranian second largest trade partner after China. "Iranian exports to Iraq are very different from Iranian exports to China," he said.
Source: National Iraqi News Agency