Economy, Business And Markets

Local Currencies to Ease Iran-China Transactions

China is one of the most important trade partners of Iran and, as a major customer of Iranian oil, has a significant place in the country’s strategic policies
Governor of the Central Bank of Iran Valiollah SeifGovernor of the Central Bank of Iran Valiollah Seif
China has voiced its opposition about the imposition of multilateral sanctions on Iran and will maintain economic and trade ties

Governor of the Central Bank of Iran Valiollah Seif said the prospect of Iran and China using local currencies in bilateral trade will eliminate any difficulties arising from the fallout of the US decision to quit the nuclear deal Iran signed with world powers in 2015. 
"Currently, the country's banking system is facing restrictions due to the effects of the sanctions, for which we hope  proper solutions will be found by the country's senior political officials during President Hassan Rouhani's visit to China," Seif told IRNA. 
President Rouhani left Iran for China on Friday where he is scheduled to take part in the 18th summit of Shanghai Cooperation Organization. 
Jointly led by Russia and China, SCO was launched in 2001 to address regional security, political and economic challenges. The eight-member group also includes Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan and, since last year, Pakistan and India. 
Iran is an observer member seeking full membership. 


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