Iran, Turkey to Finalize Currency Swap Deal: CBI Chief

News ID: 1542133 Service: Economy
ولی الله سیف

TEHRAN (Tasnim) – Governor of the Central Bank of Iran (CBI) Valiollah Seif, who is on an official visit to neighboring Turkey, said the two countries plan to finalize their trade exchanges based on currency swap.

In remarks released on Tuesday, Seif referred to efforts to realize the goal of $30 billion of annual bilateral trade between Iran and Turkey, saying necessary technical studies have been carried out in the banking field.

He further expressed the hope that “this great goal” will be realized as soon as possible with the development of banking exchanges between the two countries.

“We are trying to finalize… trade exchanges on the basis of currency swap with the Turkish side at the earliest opportunity and sign the necessary documents at the first meeting of the joint economic commission of the two countries that will be held soon,” he said.

Iran and Turkey have ramped up efforts to boost bilateral trade since the implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

The deal took effect in January 2016, terminating all nuclear-related sanctions on Iran.

In April last year, Iran and Turkey signed eight memorandums of understanding (MoUs) to strengthen bilateral cooperation in various areas.

The cooperation documents were signed in a ceremony in Ankara attended by the two countries’ presidents.

The documents covered a range of fields, including higher education, social security, plant maintenance services and standardization.

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