Iran’s first vice-president put forward a proposal to lift visa requirements for the Iranian and Iraqi travelers, and also called for trade exchanges between the two countries using their own currencies, namely rial and dinar.

Addressing a meeting of high-ranking delegations from Iran and Iraq, attended by the visiting Iraqi Prime Minister Haider al-Abadi and held in Tehran on Tuesday, Iranian First Vice-President Eshaq Jahangiri called for the expansion of banking cooperation between the two neighbors by removing the trade obstacles.

To that end, he proposed, Iran and Iraq can begin to trade using their national currencies.

Jahangiri then noted that the political, economic and security cooperation between Iran and Iraq has reached such a high level that they need to formulate a “comprehensive document on trade and economic cooperation.”

The vice president also pointed to the huge number of Iranian pilgrims traveling to Iraq every year, suggesting that Tehran and Baghdad should sign an agreement to lift the visa restrictions.

For his part, the visiting Iraqi prime minister voiced Baghdad’s readiness to boost relations with Tehran in all fields.

Iraq and Iran are in the same front in the fight against terrorism, Abadi added, saying the Takfiri terrorist groups in the Arab country are on the brink of destruction.

Heading a delegation, Abadi arrived in Tehran on Tuesday and held meetings with Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei and with Iranian President Hassan Rouhani.

(Source: Tasnim, under Creative Commons licence)

Economist: 78% of the Iraqi currency outside the banking system

Monday 19 June 2017

revealed Economic Bassem Jamil Antoine, on Monday, that the expert 78% of the Iraqi currency is outside the banking system, and explained that while the Iraqi citizen does not trust the systems of those banks, which have suffered so much.

He said Antoine’s "Eye of Iraq News", "currency printed in Iraq exceed 44 trillion dinars, and the existing ones banks only 22%," pointing out that "78% are outside the banking system and these figures are only for the Iraqi dinar does not include other work as dollar and other" .

He explained the economic expert, said that "the existence of such a large proportion of the money outside of banks due to the weakness of the relationship and trust between the citizen and the systems of these banks," noting that "the citizen has been burned by the fire of those banks where he has difficulty getting his money again."