Iran, Turkey to Establish Joint Bank to Promote Trade

Iranian Ambassador to Turkey Mohammad Farazmand was quoted as saying by a Turkish TV network that the two sides are working on the project.

“Iran and Turkey are involved in mutual cooperation to create a new financial mechanism to pave the way for strengthening of trade ties amid the US sanctions,” the Iranian diplomat said.

Farazmand said Turkey is a major purchaser of Iranian gas and the exports need to increase.

“So, we need a new mechanism. Parts of it are already in place,” he said. “We should also establish a new exchange mechanism to further use our own national currencies instead of the US dollar in international trade.”

Farazmand stressed that Iran and Turkey are pressing ahead with their trade cooperation within the international law as all countries had a fundamental right to develop mutual ties.

“Neither Iran nor Turkey are planning to do anything illegal. The cooperation is not meant to bypass the US sanctions,” he said.

Still, he said, the US has committed “economic terrorism” against both countries and kept violating their basic rights.

Besides running a campaign of zero tolerance against Iran, the administration of US President Donald Trump has threatened Turkey with sanctions over its military ties with Russia.