Iran, Turkey to use own currencies in bilateral transactions

Pointing to replacing dollar with Turkish and Iranian national currency units in bilateral transactions and trade relations between the two countries, Turkish Minister of Economy Nihat Zeybekci said his country had conferred unique authority to Iran on trade.

In his meeting with Iranian Minister of Industries, Mines and Trade Mohammad Reza Nematzadeh, Zeybekci said that after 11 years of negotiations, a preferential trade agreement between Iran and Turkey would be operational tomorrow and both sides would trade their items according to new tariffs.

“The volume of trade between the two countries is expected to reach $30 billion from current amount of $15 -16 billion,” Nihat Zeybekci said.

Turkish official while supporting the negotiations between Iran and the 5+1 and the extension of the Geneva deal, expressed hope that Iran would see sanctions lifted soon.

In addition to banking cooperation, both countries decided to trade with their national currencies, Zeybekci said, expressing hope financial issues be avoided.

Turkish minister of economy pointed to the construction of Razi-Khoy Road and urged Iranian authorities to carry out the project as soon as possible.

“Now that the sanctions against Iran have been declined,” he further said, “some countries competitively race against each other to take advantage of Iran’s conditions.”

Emphasizing that Turkey has never given a country such options before, Zeybekci said the preferential trade agreement was passed unanimously in the Grand National Assembly and various Turkish political parties supported the plan which indicates the importance of the Islamic Republic of Iran to Turkey.