TEHRAN - The chairman of the Iran-Iraq Joint Chamber of Commerce has said banking officials from the two countries are keen to expand the monetary and banking relations, Tasnim News Agency reported.

There is not any problem in the field of banking and monetary interactions between Iran and Iraq, Yahya Al-e Es’haq said, adding that the two sides are pursuing the implementation of the agreements previously inked by the central banks of the two countries.

Referring to the suspension of the activity of Bank Melli Iran (BMI) in Iraq by the central bank of the Arab country, the official said several Iranian banks had been authorized to be active in this Arab country but the decision came due to the sanctions imposed by the United States.

Recently, however, the Central Bank of Iraq has announced that the activity of Bank Melli Iran will continue in this country, Al-e Es’haq added.

He put the current value of the annual trade exchanges between Iran and Iraq at about $10 billion, adding that the two countries have a high potential to enhance bilateral trade.

Iran and Iraq are interested in boosting mutual banking, monetary, and trade ties, so the economic officials of the two countries should roll up their sleeves to spur trade and economic activities, he stated.

Earlier this month, the Central Bank of Iraq announced in a statement that the Arab country decided to allow the resumption of operations by Bank Melli Iran given the credibility of reciprocal commitments between the two neighboring countries.

A deputy governor of the Central Bank of Iraq signed the mentioned statement on March 5, 2024.

Back in February 2023, the Central Bank of Iraq had revoked the operating license of Iran's largest bank, Bank Melli Iran, citing international sanctions and the bank's limited operations in Iraq.

Later in November last year, Iran’s Minister of Industry, Mining and Trade Abbas Ali-Abadi and Iraqi Prime Minister Mohammed Shia’ Al Sudani met in Baghdad and stressed the need to expand banking ties and the use of the national currencies for bilateral trade exchanges.

In this meeting, which took place in the Iraqi Prime Minister's office, the economic relations between the two countries and ways to strengthen them and strengthen exchanges and partnerships at different levels were discussed and explored.

Iran's Deputy Foreign Minister for Economic Diplomacy Mehdi Safari also accompanied Ali-Abadi on his visit to the neighboring country.

In his visit, Ali-Abadi also met and held talks with Iraqi Minister of Industry and Minerals Fawzi Hariri, the head of the Iraq Chamber of Commerce, and, several other officials from the country.

EF/