Revealing the main currency used in Iran’s trade with Iraq

Shaaban Forotan, a member of the Board of Directors of the Joint Iranian-Iraqi Chamber of Commerce, revealed today, Tuesday, that the largest part of trade between Iraq and Iran, at the level of traders and exporters, is carried out through the Iranian riyal.
“Most Iranian exporters now work in riyals in trade with Iraq, and financial transactions between the two countries will continue without using the Iranian riyal, i.e. also in dollars. This does not mean the complete elimination of the dollar, but a large portion of traders conduct their transactions without the dollar,” Forotan said in statements to Iranian media.

He explained that “the commitment to trade in dollars does not include all product groups, but the exchange of riyals into dollars cannot be implemented due to sanctions imposed on banks, and riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates, and they do not have the possibility of direct settlement.”

He pointed out that “the supply of Iranian goods faced a problem in the Iraqi market, which is the multiple increase in the prices of goods in Iran during the year, while prices are expected to increase only once a year.”

Alsumaria.tv