Iran, Turkey implement Forex swap

Tehran, April 16, IRNA – The first Letter of Credit (L/C) in the form of a Forex swap was implemented to exchange Rials of Iran and Lira of Turkey on Monday to ease trade exchanges between the two countries.

According to CBI's public relations department, the swap is to ease trade exchanges between Iranian traders with the neighboring countries, mastermind all forex operation within banking system, employment of international payment apparati, lowering risk of forex in recent years, signing monetary swap and forex swap with other countries.

Under this payment system, there will be no need to rely on any third foreign currency such as US dollars or Euro in doing some transactions, the report said.

Since the current volume of trade exchanges between Iran and Turkey stands at $6 billion, taking advantage of national currencies will be a great help in easing trade and banking transactions between the two countries.

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