Economy, Business And Markets

Rial-Lira Trade Enters Into Force

Rial-Lira Trade Enters Into ForceRial-Lira Trade Enters Into Force

The currency swap agreement with Turkey has entered into force, an official in Iran-Turkey  Commercial Council told ISNA on Friday.  “Commercial transactions between the two neighboring countries are done in the Iranian rial and Turkish lira at the moment,” said Jalal Ebrahim, secretary-general of the  joint council.  Under currency swap agreements, transactions are carried out directly and easily. They are the best solution at the time of sanctions and can be further extended into post-sanctions era, he added.  Despite the recent deal, Ebrahimi noted that trade between the two nations slightly declined in the past few months mainly “due to the regional crisis, the Turkish election and an overall decline in Turkey’s exports.” Ebrahimi expressed hope that suitcase and border trade would grow in light of the new changes.