Tuesday, June 18, 2024

Iranian trade official: Iraq not allowed to transfer dollars to Iran

The head of the Iran-Iraq chamber of commerce says the Iraqi Central Bank is not authorized to transfer US dollars to the Islamic Republic.

Jahanbakhsh Sanjabi Shirazi added that the Central Bank of Iraq has obliged the currency exchange offices to declare the destination of the transfer of dollars to the Central Bank.

He said that’s because a memorandum of understanding has been formed between the Central Bank of Iraq and the US Federal Reserve, under which the origin and destination of dollar exchanges must be specified in Iraq.

He said if the destination is Iran, the Iraqi Central Bank will not give dollars to the exchange offices because of the sanctions.

Sanjabi however noted that the prospects of trade between Iran and Iraq are promising.

The head of the Iran-Iraq chamber of commerce underlined that Iraq managed to get the US Treasury’s permission to import oil derivatives and electricity from Iran and pay Iranians in non-dinar currency up to a certain limit, but there have been ups and downs in transferring money.

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