(Persia Digest) – Iran and Armenia are seeking to use their respective local currencies, the rial and dram, for trade between the two countries. Iran has proposed to set up a credit guarantee institution to work outside the banking system with Armenia.

Commenting on his recent meeting with Armenian President Armin Sarkissian on economic ties between the two countries, the Chairman of Iran-Armenia Chamber of Commerce, Hervik Yarijanian, explained: “The Armenian president has very positive views on Iran and hopes to increase mutual investments by both countries.”

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He added: “Visiting delegations, exhibitions, and optimal use of facilities are on the agenda.”

Speaking about their banking ties, Yarijanian said: “We are seeking to conduct trade with the local currencies of both countries, the rial and dram. We have offered the setup of a credit guarantee institute to the President of Armenia to work outside the banking system to cover trade between the two countries.”

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