Iran's Central Bank Chief Visits Iraq to Boost Trade and Banking Ties

Abdolnaser Hemmati, the Governor of the Central Bank of Iran (CBI), has arrived in Iraq leading a high-ranking delegation. The visit is part of an agreement between the central bank governors of Iran and Iraq, aimed at facilitating bilateral commercial and financial transactions and addressing obstacles hindering economic ties between the two neighboring countries.

According to the Mehr News Agency, the primary objective of Hemmati's visit is to develop new mechanisms for trade exchanges and strengthen banking cooperation. The delegation's discussions with Iraqi officials are expected to focus on enhancing the use of national currencies in bilateral trade, streamlining banking operations, and resolving issues related to financial transfers.

This visit comes shortly after Hemmati's participation in the BRICS meeting held in India. During his stay in India, he met with his Indian counterpart, Sanjay Malhotra, to discuss ways to strengthen monetary and banking cooperation between Iran and India. The two officials explored avenues for expanding financial ties and overcoming existing challenges.

In an address to the first meeting of the BRICS Finance Ministers and Central Bank Governors, Hemmati called for the establishment of a dedicated BRICS financial corridor and the integration of national payment networks among member countries. He emphasized the importance of such mechanisms in facilitating trade and investment among BRICS nations and reducing reliance on traditional financial systems.

The visit to Iraq is seen as a step towards deepening economic integration in the region, with Iran seeking to expand its trade relations with neighboring countries amid international sanctions. The CBI chief's efforts align with Iran's broader strategy to boost non-oil exports and diversify its economy.

According to the report by Mehr News Agency, the visit underscores the commitment of both Iran and Iraq to enhance their economic partnership. The outcome of the talks is expected to pave the way for more robust banking and trade relations, benefiting businesses and citizens of both countries.