Iran, Turkey set to form joint bank

پرچم ایران و ترکیه

Tehran (ISNA) - Iran and Turkey were announced to be forming a joint bank as part of deals on the use of national currencies in transactions.

Establishing a joint bank has been suggested by the head of Iran-Turkey business council, Umit Kiler who hailed such a move as 'a complementary action' to ties between the two countries.

The chief noted "using national currencies have also been negotiated before. Implementing a joint financial framework eases the process of replacing national currencies with dollar or other foreign currencies."

Kiler also assured that the newly set up joint bank is to receive assistance from Turkish investors, importers, and exporters, MENAFN reported.

He added "Iran and Turkey have centuries-long mutual trade, thus US unfair sections affect Turkey more than the other countries."

Kiler stressed that the estimated 30 billion dollars of Iran-Turkey trade in the future can be realized through expansion of relations between banks in the two countries.

He also said that an economic delegation comprised of Turkish businessmen and managers of economic sectors are planned to visit Iran in order to review new means to develop bilateral trade and devise a roadmap to circumvent sanctions.

Currently the trade exchanges between Iran and Turkey stands at 11 billion dollars, which is planned to reach 30 billion dollars in the future.

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