Iran, Syria underline use of national currencies in trade

Iran, Syria underline use of national currencies in trade
ID : N-3860 Date : 2018/12/31 - 14:48

(Persia Digest) – At a meeting between the Central Bank of Iran (CBI) Governor and Syrian Minister of Economy, the bilateral relations between the two countries was emphasized based on the economic MoU signed by them.

The meeting on studying strategies to develop financial and monetary transactions between Iran and Syria took place in Tehran this morning. Topics discussed included the exchange of bank accounts, money transfer facilities between the two countries, opening commercial banks, and creating a joint bank.

The Head of the CBI said at the meeting that the expansion of banking ties is a prerequisite for the development of trade exchanges between the two countries in the implementation of the economic MoU, adding: “Trading with our two national currencies is on the agenda; we must gradually move towards eliminating other currencies in our mutual commercial activities.”


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Hemmati went on to propose a joint workgroup composed of CBI experts and managers of commercial banks from both countries to finalize the banking MoU. This was agreed to by the Syrian Minister of Economy.

Syrian Minister of Economy and Foreign Trade, Samer al-Khalil, said at the meeting: “The expansion of banking relations between the two countries is an important part of the long-term economic cooperation agreement between Iran and Syria.”


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He welcomed more economic ties with Iran based on national currencies and announced the readiness of the Central Bank of Syria to strengthen banking relations with Iran to speed up transactions for both sides.

Persia Digest (PD) reports that a long-term economic MoU was signed between Iran and Syria by the Syrian Minister of Economy and Foreign Trade and Iran’s Minister of Roads and Urban Development.

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