Iran-Turkey Moving Toward Currency Swap
Economy, Business And Markets

Iran-Turkey Moving Toward Currency Swap

In a move to ease trade relations with Iran, the Central Bank of Turkey has issued instructions for banking transactions to be conducted in local currencies. Chairman of the Istanbul Chamber of Industry, Erdal Bahcivan, announced on a visit to Tehran that banking relations with Iranian lenders will be based on the Iranian rial and the Turkish lira. Mohsen Jalalpour, head of Iran Chamber of Commerce said that measures have been taken for easing banking transactions between the two neighbors by using the two countries’ currencies, bankemardom.ir reported Thursday. Bahcivan added that Istanbul is interested in setting up an industrial zone in Qazvin Province -- which is located west of Tehran and has more than 2,500 industrial units and is connected to the international North-South Transport Corridor.


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