Iran and Iraq remove dollars from trade transactions

The American dollar is no longer used by Tehran and Baghdad in bilateral trade, giving way to local euro and currency, as well as direct exchange of goods, Iran-Irak Chamber chief Yahya Ale-Eshagh has declared.

The US “Dollari has been removed from the list of currency used by Iran and Iraq in their trade transactions and they are using Iranian, euro and Iraqi winters for financial transactions“, Ale-Eshagh said on Saturday.

According to the senior official, in addition to passing from US dollar to alternative currency, Iranian and Iraqi merchants have been engaged in exchange operations. However, the banking system still needs improvements, as only part of the trade between the two countries currently passes through banks.

“Solving the problem of the banking system should be a priority both for Iran and Iraq, as the two countries have at least $8 billion in transactions at worst times,” He said Al-Eshagh.