Will Turkey and Iran start using national currencies in bilateral trade?

Will Turkey and Iran start using national currencies in bilateral trade?

Turkey and Iran  have reached an agreement on the exchange of Turkish lira with Iranian rial in banking transactions, Iran’s Deputy Minister of Industry, Mine and Trade Sadeq Najafi said.

Speaking on the sidelines of the 24th round of Electronic, Computer and E-Commerce Exhibition in Tehran, the minister said exchanging lira with rial in Iran-Turkey bilateral trade has been approved and will be pursued through the banks of the two countries.   

"Although some private banks may not accede to this issue (using national currencies), there are various ways in which the two countries can do trade, and there are companies and individuals that pave the way (for it)," Tasnim cited him as saying.

Najafi further pointed to the possibility of using digital currencies in bilateral transactions, saying that if the necessary infrastructure is provided, the two countries can trade using electronic money. 

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