Iran, Turkey Mulling to Use National Currencies in Trade Exchanges

(FNA)- Iranian Trade Minister Mohammad Reza Nematzadeh said Tehran and Ankara may start using national currencies in their bilateral trade and economic transactions in the near future.

"The Turkish officials and us are studying the possibility of using our national currencies in trade exchanges," the Iranian trade minister said in a meeting with a visiting Turkish delegation in Tehran on Wednesday.

Nematzadeh noted that preferential trade agreement between Iran and Turkey will come into effect as of January 1, 2015, and said, "Tehran and Ankara have agreed to reduce their trade tariffs in favor of increasing the volume of their trade exchanges."

He reiterated that Tehran and Ankara are keen to increase the value of their trade balance to the level of $30 billion in coming years.  

Meantime, the Turkish Economy Minister Nihat Zeybekc underlined the need for the further expansion of trade and economic ties between Turkey and Iran.