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Iran and Iraq discuss using the Isomer platform to finance the two countries' trade
money and business
Economy News - Baghdad
Iraq and Iran have reached an agreement to finance private sector trade, by adopting a new platform called Isomer, away from using the dollar.
The Governor of the Central Bank of Iran, Mohammad Reza Farzin, said,
“The issue of settling Iranian exports via the rial currency outside the borders has been studied by the Central Bank for several months, and that
its entry into force will address the requirements of exporters to Iraq and Afghanistan.” He added,
"This issue is one of the demands of Mashhad's merchants for export to Afghanistan, and
through the implementation of the Riyal Offshore Project (riyals outside the borders), merchants will be able to benefit from it instead of foreign currency."
The Governor of the Central Bank of Iran pointed out that
“the regulations for the cross-border riyal project have been formulated by the Central Bank, and
in practice two banks have started this project, and soon it will be circulated to all the country’s banks.”
Meanwhile, Prime Minister Muhammad Shia’ al-Sudani revealed that the
Iranian side suggested that Iraq deal in currencies other than The dollar, including the Chinese yuan, is used in commercial transactions between the two countries, due to the Western economic sanctions that Tehran faces.
Trade between Iraq and Iran was damaged, after the rise in the exchange rate of the dollar in the parallel market, as traders in the private sector depend on buying the dollar from the parallel market to finance their imports from Iran.
On the other hand, an informed source revealed to Al-Iqtisad News that
Iraq and Iran held discussions about financing private sector trade away from the dollar, through the Asian Clearing Union, which is headed by Iran and includes the countries of China, India, Afghanistan, Pakistan, Bangladesh, and others. He added that
The settlement will be in the currencies of the Indian rupee or the Chinese yuan, indicating that
the Iraqi merchant will pay and receive in dinars and
the Iranian merchant will pay and receive in Iranian riyals. The
Asian Clearing Union (ACU) confirmed the adoption of the currencies of the yuan, ruble and rupee and the development of an electronic platform to carry out commercial transactions between member states independently of the dollar and the "SWIFT" Association.".
In an interview with the Iranian “Jam Jam” TV channel, the Secretary General of the Asian Clearing Union (ACU), Farhad Morsali, indicated that
the ACU meeting in Tehran recently adopted 12 decisions, as officials of the Indian and Pakistani central banks confirmed that these decisions are in the interest of Iran and the country’s merchants in comparison. With the rest of the members. Morsali stated that
one of the most important decisions taken is the exchange between Iranian merchants and the rest of the member states’ merchants via the rupee currency, so that Iranian merchants can open accounts in rupees in specific banks, noting that
the decision will come into effect next month. He added that
Iranian merchants will be able to obtain financing in the currencies of the rupee, yuan and ruble, in addition to other national currencies of member states, and get rid of the ban on the dollar and the SWIFT platform. He stated that
a new platform will be launched called “Esomer”, which is similar to the local “SPAM” platform for electronic financial transactions.
396 views Added 12/31/2023 - 10:19 AM
https://economy-news.net/content.php?id=39022
money and business
Economy News - Baghdad
Iraq and Iran have reached an agreement to finance private sector trade, by adopting a new platform called Isomer, away from using the dollar.
The Governor of the Central Bank of Iran, Mohammad Reza Farzin, said,
“The issue of settling Iranian exports via the rial currency outside the borders has been studied by the Central Bank for several months, and that
its entry into force will address the requirements of exporters to Iraq and Afghanistan.” He added,
"This issue is one of the demands of Mashhad's merchants for export to Afghanistan, and
through the implementation of the Riyal Offshore Project (riyals outside the borders), merchants will be able to benefit from it instead of foreign currency."
The Governor of the Central Bank of Iran pointed out that
“the regulations for the cross-border riyal project have been formulated by the Central Bank, and
in practice two banks have started this project, and soon it will be circulated to all the country’s banks.”
Meanwhile, Prime Minister Muhammad Shia’ al-Sudani revealed that the
Iranian side suggested that Iraq deal in currencies other than The dollar, including the Chinese yuan, is used in commercial transactions between the two countries, due to the Western economic sanctions that Tehran faces.
Trade between Iraq and Iran was damaged, after the rise in the exchange rate of the dollar in the parallel market, as traders in the private sector depend on buying the dollar from the parallel market to finance their imports from Iran.
On the other hand, an informed source revealed to Al-Iqtisad News that
Iraq and Iran held discussions about financing private sector trade away from the dollar, through the Asian Clearing Union, which is headed by Iran and includes the countries of China, India, Afghanistan, Pakistan, Bangladesh, and others. He added that
The settlement will be in the currencies of the Indian rupee or the Chinese yuan, indicating that
the Iraqi merchant will pay and receive in dinars and
the Iranian merchant will pay and receive in Iranian riyals. The
Asian Clearing Union (ACU) confirmed the adoption of the currencies of the yuan, ruble and rupee and the development of an electronic platform to carry out commercial transactions between member states independently of the dollar and the "SWIFT" Association.".
In an interview with the Iranian “Jam Jam” TV channel, the Secretary General of the Asian Clearing Union (ACU), Farhad Morsali, indicated that
the ACU meeting in Tehran recently adopted 12 decisions, as officials of the Indian and Pakistani central banks confirmed that these decisions are in the interest of Iran and the country’s merchants in comparison. With the rest of the members. Morsali stated that
one of the most important decisions taken is the exchange between Iranian merchants and the rest of the member states’ merchants via the rupee currency, so that Iranian merchants can open accounts in rupees in specific banks, noting that
the decision will come into effect next month. He added that
Iranian merchants will be able to obtain financing in the currencies of the rupee, yuan and ruble, in addition to other national currencies of member states, and get rid of the ban on the dollar and the SWIFT platform. He stated that
a new platform will be launched called “Esomer”, which is similar to the local “SPAM” platform for electronic financial transactions.
396 views Added 12/31/2023 - 10:19 AM
https://economy-news.net/content.php?id=39022
