Given the considerable increase in the bilateral trade exchanges, it is predicted that the country’s export of products to Iraq will hit a new record of $10 billion by the yearend (to end March 20, 2024), Hamid Hosseini stated.
Speaking in an interview with IRNA, he pointed to some problems in the field of supplying currency in Iraq and said despite such issues, the trend of Iranian exports to this Arab country is on an upward trajectory.
Hosseini pointed out that about $775 million worth of products are currently exported from Iran to Iraq monthly.
Iraq is still considered Iran’s second export target market, he stated.
Noting that Iraq banned the use of foreign currencies in its transactions as of the beginning of 2024, he said domestic importers of goods should provide their currencies at a higher rate.
He called on responsible officials to take effective measures to remove the trade barrier between the two countries in line with spurring trade and economic activities.
Earlier, the deputy governor of the Central Bank of Iran (CBI) for international relations affairs said offshore rial will become operational within the next few months to help economic activists do their transactions with any country in the national currency.
The offshore rial will be launched in neighboring Iraq and Afghanistan due to the extensive social relations and also the Russian Federation due to the finalization of a bilateral monetary pact, Mohsen Karimi added.