Shaaban Forotan, an individual from the Governing body of the Joint Iranian-Iraqi Office of Business, uncovered today, Tuesday, that the biggest piece of exchange among Iraq and Iran, at the degree of brokers and exporters, is brought out through the Iranian riyal.
“Most Iranian exporters currently work in riyals in exchange with Iraq, and monetary exchanges between the two nations will go on without utilizing the Iranian riyal, for example likewise in dollars. This doesn’t mean the total disposal of the dollar, yet an enormous piece of brokers manage their exchanges without the dollar,” Forotan said in proclamations to Iranian media.
According to his explanation, “the commitment to trade in dollars does not include all product groups,” “the exchange of riyals into dollars cannot be implemented due to sanctions imposed on banks, and riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates, and they do not have the possibility of direct settlement,” and “the commitment to trade in dollars does not include all product groups.”
He remarked, “The supply of Iranian goods faced a problem in the Iraqi market, which is the multiple increase in the prices of goods in Iran during the year, while prices are expected to increase only once.”
