Iran and Iraq seek to ease banking barriers

BAGHDAD, Iraq (MNTV) — Iran and Iraq have agreed to work toward easing banking restrictions and improving financial mechanisms between the two countries as they seek to expand economic cooperation.

Iranian Central Bank Governor Abdolnasser Hemmati discussed banking and economic issues with Iraqi Central Bank Governor Nizar Nasser Hussein and Iraqi Finance Minister Faleh Sari during meetings in Baghdad.

Hemmati called for faster arrangements to allow Iran to access funds held in Iraqi banks and urged authorities to simplify banking procedures for Iranian traders and exporters, particularly those seeking to transfer money.

The two central bank governors agreed to continue consultations aimed at developing practical mechanisms for managing and accessing Iran’s foreign-exchange resources held in Iraq.

Hemmati also invited Hussein to Tehran for further discussions aimed at completing bilateral banking arrangements.

During his meeting with the Iraqi finance minister, Hemmati presented technical proposals intended to accelerate the settlement of Iran’s outstanding financial claims.

The officials also explored ways to expand economic cooperation, including greater involvement by Iranian contractors in Iraqi development projects.

Hussein expressed support for closer economic relations, saying the two countries should make greater use of their natural resources and skilled workers to expand cooperation in technical, engineering and financial sectors.

The discussions come as Iran and Iraq seek to strengthen economic links while addressing financial mechanisms that have complicated trade and payments between the neighboring countries.