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TEHRAN, January 25. /TASS/. Tehran and Ankara are “working on a plan” to use their national currencies in bilateral trade exchanges, the Fars news agency reported on Sunday citing Iran’s Ambassador to Turkey Alireza Bigdeli.
"Trade and economic exchanges are expected to be considerably facilitated once this Iran-Turkey monetary contract comes into effect," Bigdeli wrote on his webpage on Sunday.
The agreement will ease the implementation of the preferential trade deal signed between Iran and Turkey last year and which came into effect on January 1, 2015. Under the document, 125 Iranian goods and 140 Turkish goods will be supplied based on preferential tariffs.
Iran and Turkey are major trade partners. The two countries’ trade reached $21.8 billion in 2012 and $13.5 billion in 2013. Iran is the main supplier of energy resources to Turkey. Ankara is one of the largest investors in Iran’s economy.
Iran and Turkey have set the task of bringing the annual bilateral trade to $30 billion in the near future. The agreement on using national currencies will help the sides to reach that goal.
Iran’s Central Bank on Saturday said it has decided to stop using US dollar in settlements with foreign countries. The Islamic Republic will use other currencies, including the Russian ruble, yuan, euro, Turkish lira and South Korean won.
Tehran has started working on particular currency agreements with its partners.