mo4ch:>Iran & Iraq consider replacing US dollar with local currency in trade | Mo4ch News

Apart from barter trade, Tehran and Baghdad are mulling the idea of using the Iraqi dinar for mutual transactions to reduce reliance on the US dollar amid banking problems Iran is facing due to US sanctions.“Considering the problems that have emerged in dollar-based banking transactions, a joint proposal between Iran and Iraq is using Iraq’s dinar in trade,” Iranian ambassador to Baghdad Iraj Masjedi said, as quoted by Iran’s Fars News Agency.Read more The announcement comes two weeks after Washington brought into action the second round of anti-Iranian sanctions that target the country’s oil, shipping, and financial sectors. The previous batch of penalties, which came into effect in August, hit cars, carpets, metals trading, as well as access to the US dollar.According to Masjedi, the current trade turnover between Iran and Iraq totals $12 billion and the countries plan to increase the figure up to $20 billion. The official said that Baghdad has recently been under strong pressure fro…