Iran News Agency

Central Bank of Iran Governor Valiollah Seif and his Turkish counterpart Murat Cetinkaya signed the draft document.

On the sidelines of the signing ceremony, Seif told reporters that the document was signed upon emphasis of the presidents of Iran and Turkey during recent visit of Turkish President Recep Tayyip Erdogan to Tehran.

He added that the aim of the document is creating necessary grounds to expand trade and economic relations and facilitating trade by using local currencies to provide finance for trade and direct investment between the two states.

Seif said that upon the agreement, operating banks of the two countries may use means of international payments, including credits and letter of credits to finance trade by local and national currencies.

According to the orders of the presidents to accelerate the issue, the document is to be finalized in one week.

The draft and document will be signed decisively in the first joint economic meeting between the two countries and to be executed and in this concern the central banks allocated credits for each other to work reciprocally and businessmen may use this capacity.

To fulfill capacity of 30 billion dollars trade between Iran and Turkey there were obstacles, which are being lifted one by one, lifting banking restrictions was one of them.

In addition to the meeting, the Iranian central bank delegation had a meeting with officials of ECO Bank in Ankara.

It was proposed that representative bureau of the ECO Bank to be opened in Tehran, so a draft document was signed between Central Bank director general for international affairs and a member of board of directorate of ECO Bank here on Monday.