Tuesday, April 23, 2024

TPO: Iran to use its funds in Iraq to import products

The Trade Promotion Organization (TPO) said Iran can now use its funds in Iraq to import commodities.

The TPO, in a letter to the deputy agricultural as well as industry, mine, and trade ministers, pointed to the capacity created for the use of the country’s foreign exchange resources at the Trade Bank of Iraq (TBI).

Alireza Peyman-Pak, who is the TPO head and deputy industry minister, urged the officials to offer their preferred lists of products needed to import from the neighboring state.

Iraq has released Iran’s funds blocked at Trade Bank of Iraq (TBI) for the import of food and medical products.

Iranian officials have earlier announced that 6 to 7 billion dollars of the country’s  revenues earned by gas and electricity exports have been held in Iraq.

Iran’s assets had been frozen in Iraq’s banks due to obstacles to the transfer of money caused by US sanctions.

Meanwhile on Saturday, the South Korean official news agency, Yonhap, said Seoul will hold talks with Tehran next month in the South Korean capital to settle the dispute over Iran’s funds blocked under US sanctions. 

South Korea owes Iran more than $7 billion.

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