Governor of Central Bank of after meeting his counterpart in Baghdad said Iraq adopted a joint mechanism to expedite the supplying of basic commodities needed by Iran. 

Iran Press/Middle East: The governors of Iranian and Iraqi central banks stressed the expansion of monetary and banking cooperation between the two countries.

In his meeting with the Governor of Iraqi Central Bank, Ali Mohsen Ismail al-AIlaq held in Baghdad on Wednesday, Abdolnaser Hemmati announced the adoption of a joint mechanism by the Iraqi side to expedite the supplying of basic commodities needed by Iran. 

According to a previous agreement between Iran and Iraq, Tehran was expected to use its resources in Iraq to buy non-sanctioned and basic goods such as medicine, Hemmati said.

Hemmati highlighted the importance of the time schedule of the agreement implementation and said Iran's policy is to develop financial ties with Iraq through the Iraqi Central Bank or other operating banks in the country.

The Governor of Iraqi Central Bank Ali Mohsen Ismail al-AIlaq for his part pointed to the recent agreement between the two countries' central banks and said the memorandum clearly defines the banking and financial relations between the two countries and how to use the resources of the Central Bank of Iran.

Leading a delegation, the governor of the Central Bank of Iran Abdolnaser Hemmati arrived in Baghdad on Wednesday morning.

In February 2019, governors of the central banks of Iran and Iraq had signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries.

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