Iran announces the start of settling its exports to Iraq in its currency, 1 JAN

Iran announces the start of settling its exports to Iraq in its currency

Information/Baghdad..
The Governor of the Central Bank of Iran confirmed the start of a project to settle the country’s exports abroad in the national currency, the riyal.
Muhammad Reza Farzin said on the sidelines of the meeting of the Government and Private Sector Council in Khorasan Razavi Province (northeastern Iran), that “the issue of settling Iranian exports via the riyal currency outside the borders has been studied by the Central Bank for several months, and that its entry into force will address the requirements of exporters to Iraq and Afghanistan.”
He added, “This issue is one of the demands of Mashhad’s merchants for export to Afghanistan, and through the implementation of the ‘Rial Offshore’ project (riyals outside the borders), merchants will be able to benefit from it instead of foreign currency.”
He pointed out that “the regulations for the cross-border riyal project have been formulated by the Central Bank, and in practice two banks have started this project, and soon it will be circulated to all the country’s banks.”
It is noteworthy that the Federal Reserve Bank, the US central bank, imposed procedures and restrictions on external financial transfers from Iraq, to ​​ensure that they do not reach Tehran.

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