Turkey and Iran are reportedly exploring the possibility of establishing a joint bank to assist both the nation’s trade in local currencies as US pressures to restrict their access to the dollar are already escalating. This was reported by Iranian PressTV.
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Ümit Kiler, the Turkish Representative Chairman of Iran-Turkey Business Council, wrote in a recent article that the plan would be put on the agenda of the Iranian and Turkish governments in the near future, stressing that the move would be crucial in promoting economic ties between Tehran and Ankara.
Iran is under unilateral US sanctions, which have complicated transactions in dollars because they have to be processed through the American financial system. Turkey is not under any specific sanctions but its mounting tensions with the US and the Europeans over their support for Kurdish militants in Syria and other issues have affected the country’s economy.
Annual trade between Iran and Turkey currently stands at $11 billion, and the two countries have set a target of $30 billion for bilateral trade, according to reports by Iranian media. “Establishing a joint bank through which the two sides could conduct bilateral trade and businesses without the need for US dollar would be a key step for developing economic relations,” Kiler wrote in his article. He described US sanctions on Iran as “unfair and unlawful”, saying Iran was an important country for Turkey.