Iran, Malaysia to boost trade cooperation in local currency

EghtesadOnline: Deputy Governor of Central Bank of Iran (CBI) for foreign exchange affairs Gholamali Kamyab stressed the need for promoting trade using local currencies in a meeting with his Malaysian counterpart, saying that CBI’s current policy is to facilitate transactions through domestic currencies.

News ID: ۷۷۴۱۵۶

25 February 2017

Kamyab who is currently in Kuala Lumpur at the head of a banking delegation, said that Iran welcomes Malaysian banks’ enthusiasm to open accounts in Malaysian currency, ringgit, in the Iranian banks.

He added that the Chinese Yuan or Japanese Yen can also be used in transactions if deemed necessary, IRNA reported.

Commenting on the post-sanctions situations for Iran and exploring avenues for strengthening trade between the two countries, the Iranian official noted that currently, Iranian banks are connected to the Euro clearing system which has facilitated conducting transactions with the European banks.

Kamyab added that Iran welcomes mutual cooperation with the Malaysian banks.

Meanwhile, Assistant Governor of Bank Negara Malaysia (BNM) Adnan Zaylani Mohamad Zahid welcomed the idea of using Yuan or Yen in transactions.

He said that Kuala Lumpur is presently using Yuan and Yen to carry out its transactions and this will help promote Iran-Malaysia trade relations.