Iran, Oman Officials Encourage Trade in Local Currencies

The Governor of the Central Bank of Iran and Oman's Minister of Commerce, Industry, and Investment Development both emphasized the importance of strengthening monetary ties between the countries by using their national currencies in commercial transactions rather than the dollar.

News ID: ۸۱۲۶۲۲

08 December 2023

CBI Chief Mohammad Reza Farzin highlighted the historical context of economic ties between the two countries, stating, "We welcome any action that leads to the expansion of monetary and banking cooperation between Iran and Oman."

Farzin emphasized the importance of bolstering monetary and banking connections alongside other bilateral relations. He suggested specialized sessions between banking and economic bodies as a means to increase financial transactions, acknowledging new prospects in recent Iran-Oman relations.

Oman's Minister of Commerce, Industry, and Investment Development Qais bin Mohammed Al Yousef, for his part, emphasized strengthening monetary and banking relations to ease trade, pointing to Oman and Iran's economic potentials.

Al Yousef highlighted the significance of using national currencies in economic collaborations, noting a 41% trade volume growth in the current year's first eight months.

He stressed the importance of infrastructure development and Omani investment participation in Iranian projects, particularly in the energy and gas sectors.

He also expressed Oman’s readiness to boost economic cooperation through various methods, emphasizing the necessity of financial transfers to achieve mutual investments and collaborations. / Tasnim