Syria, Iran set up non-dollar payment channel | WHAT REALLY HAPPENED


Syria, Iran set up non-dollar payment channel

Iran and Syria have enabled their banks to conduct transactions in their local currencies and non-dollar foreign currencies, lifting a key hurdle to their trade and investment.

Iranian Vice President Es’haq Jahangiri is currently visiting Syria with a delegation of traders who are looking for opportunities in a country facing a mammoth task of reconstruction after war.

An almost non-existent banking link between the two countries has always been a niggling problem which has held up projects from moving forward.

The banking issue is the “most important problem,” Mohammad Saeed Shahmiri, an executive with the Iranian company Saab Niroo which specializes in building infrastructure, told Reuters.

His firm is studying projects in and around Damascus, according to the news agency. “We hope if they solve this problem, immediately we can start the project here,” Shahmiri said.

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