Iranian, Azeri Presidents Stress Using National Currencies for Trade

TEHRAN (ECOIDEAL)- Iranian and Azeri Presidents Hassan Rouhani and Ilham Aliyev in a meeting in Tehran on Wednesday underlined the necessity for using local currencies in their bilateral trade ties as well as trilateral exchanges with neighbors.

"The two countries can make their trade exchanges through the Central Banks and national currencies and even this can expand in the form of trilateral ties with other neighbors," President Rouhani said.

He also announced that Tehran is ready to develop its cooperation with Azerbaijan in the industrial, agricultural, transportation, economic and energy swap in oil and gas fields as well as discovery and extraction of oil in the Caspian Sea.

Elsewhere, President Rouhani underscored the importance of stability and security in the region, and said, "Today, we should try more than before to develop the regional countries' cooperation in the fight against terrorism."

Aliyev, for his part, described trade relations and exchanges between the two countries in recent years as very good and considerable, and said, "The Republic of Azerbaijan welcomes using national currencies in trade ties with Iran and this method can also be used trilaterally in relations with other neighbors as well."

In relevant remarks in March, Governor of the Central Bank of Iran (CBI) Valiollah Seif said that Tehran and Moscow will use their currencies in trade exchanges between the two countries.

"Talks have been held with the Central Bank of Russia over linking Mir payment system of Russia and Iran's Shetab (Interbank Information Transfer Network) so that tourists can easily use ATM devises while visiting each countries," Seif said.

Two major banks of Russia and Iran are pursuing replacement of dollar with national currencies so that the traders will settle transactions in rial and ruble, he said.

"Gazprombank of Russia and Iran's Bank Melli have agreed to open a joint account for using national currencies which will boost trade turnover and increase the volume of imports and exports," Seif said.

Source: Farsnews