An Iranian official indicates a decline in banking activities with Iraq due to US sanctions, 10 MARCH

An Iranian official indicates a decline in banking activities with Iraq due to US sanctions

Shafaq News/ The head of the Joint Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, confirmed that banking interactions and activities between his country and Iraq have declined due to the US sanctions imposed on Tehran, according to what was published by Mehr Agency on Saturday.

Regarding the cessation of the suspension of the activity of the National Bank of Iran in Iraq by the Central Bank of Iraq, Al-Ishaq said in a press interview, “Several Iranian banks had licenses to operate in Iraq, but due to financial problems and American sanctions, the activity of these banks in Iraq decreased, and the Central Bank of Iraq proposed Suspension of his activity.

He added, “But the Central Bank of Iraq recently announced that the activity of the National Bank of Iran in Iraq will continue,” adding: “We are seeking to create conditions for the continuation of the activity of the National Bank in Iraq while increasing the volume of activities, and this can be achieved through cooperation and agreement between the Central Bank of Iran and the bank.” Iraqi Central Bank.

The head of the Iran-Iraq Joint Chamber of Commerce confirmed, saying: “Therefore, the measures related to suspending the activity of the National Bank of Iran in Iraq have been canceled based on the announcement of the Central Bank of Iraq.”

Al-Ishaq pointed out that the volume of trade relations between Iran and Iraq currently amounts to about 10 billion dollars, and said: “On this basis, banking interactions and activities between Iran and Iraq can increase significantly, but due to the issue of sanctions and the US dollar, these interactions have become slightly limited.” He added, “Iran and Iraq are interested in further increasing monetary, banking, and trade relations between them, and for this to be achieved, the two sides must work to create an appropriate environment to strengthen relations.”

The head of the Iranian-Iraqi Chamber of Commerce continued by saying that “the work or non-work of Iranian banks in Iraq does not have a significant impact on the current trade relations between the two countries, but expanding the scope of the banks’ work could be beneficial,” stressing that “the volume of trade exchanges between Iran and Iraq is about $10 billion, as the bulk of these exchanges are carried out by the private sector, and there are currently no problems in this sector.”

shafaq.com