Iran Chamber of Commerce to Open Account With Iraqi State Bank

EghtesadOnline: Iran will open a special account in one of Iraq’s state-owned banks to receive export earnings, said the president of the Investment Commission of the Iran Chamber of Commerce, Industries, Mines and Agriculture.

News ID: ۷۸۴۲۹۷

06 November 2018

Mehdi Alipour said the US waivers for Iraq from Iran sanctions mean that the Arab country can do trade with Iran without using the dollar, IBENA reported.

Details about choosing a bank for handling Iran’s export revenues have not been officially announced but an account, in dinar and euro, will be opened in a governmental bank.

Iraq has overtaken China as Iran’s main non-oil export market, a report by the Islamic Republic of Iran Customs Administration for the seven months of the current Iranian year (March-Oct) shows, according to Financial Tribune.

Iran’s exports to Iraq surged by 55% in value and 65% in volume to reach $5.73 billion -- 21% of the total export during the period.

Iran mainly exports liquefied gas, hydrocarbons, mineral products, fresh or frozen tomatoes and evaporative coolers to Iraq.

Alipour said providing credits for imports to Iraq is also possible via this account.

After Iraq, Iran’s top export destinations during the period were China, UAE, Afghanistan and India in descending order.