Iran withheld information about its decision to cease doing business with three of its banks in Iraq today, Monday. Although the report did mention that two of the banks’ operating licenses were initially revoked two years ago, an Iranian expert referred to the commercial climate in Iraq as being “without law,” saying that “some tribes have more power than the government.”
The head of the Joint Iranian-Iraqi Chamber of Commerce, Yahya Ali Ishaq, mentioned the topic of revoked Bank Melli’s license in Iraq, stating, “In Iraq, we had three banks, namely Bank Melli, the Parsian Bank, and the Islamic Cooperative Bank,” according to a report translated by the Iranian Eqtisad News website.
As stated in the article, “Since Bank Melli and Parsian Bank have not engaged in any currency transfers or transactions in the past two years, this news would not impact their relationship or the currency market.”
“There is no need to worry,” stated Al Ishaq, the chairman of the Joint Iranian-Iraqi Chamber of Commerce, “because this issue is not a new matter and will not affect businessmen’s financial transactions.”
In closing, Al-Ishaq stated, “It seems that the rumor that was circulated online regarding Bank Melli’s discontinuation of its operations in Iraq is nothing more than the effort of brokers and exploiters to halt the trend of drop in the exchange rate that started at the beginning of this week.”
“Cancelling the National Bank’s license has no impact on trade between the two countries,” an Iranian trade expert stated, adding that “commercial exchanges between Iran and Iraq take place in different ways.”
It may be translated as “It cannot be said that canceling the bank’s license could have a special impact on Iran’s trade with this country” by Muhammad Ali Nadib in a statement posted to the Iranian Bazaar website.
Bringing up the fact that Iraq lacks a clear commercial law, Nadib stated, “This country’s commercial path is different from other countries because the government is not strong and some tribes have greater authority than the government.” He also emphasized that “with this news, there will be no commerce with this nation has changed, and it won’t happen again. Even if there is a difficulty with commerce, it will only affect Iraq and not Iran, he stated.
The majority of Iran’s exports to Iraq, according to the Iranian trade expert in Iraq, go through the Emirates. The expert emphasized that the news did not negatively affect trade between the two nations; rather, exchanges between them continue as before. As a result, the exaggeration of the news caused the dollar’s value to rise because it is unfounded and the source of exaggeration is those who stand to gain.
The Iranian expert wrapped up by noting that, “the Iranian government’s handling of the situation and reducing tensions has contributed, since the beginning of the week, to the improvement in the trend.” “This news has no special impact on trade or the currency market, but the price of the dollar has been affected by political tensions in the past few months,” the expert said. toward a drop in currency values.
