Iran offers using national currencies between Caspian littoral states

Tehran, IRNA – Iran floated the idea that the Caspian Sea littoral states can use national currencies and banking mechanisms independent from SWIFT and the dollar and the euro in their trades in the Caspian Economic Forum (CEF), a senior trade official said. Head of Iran’s Trade Promotion Organization Alireza Peymanpak said in a radio program on Wednesday that the Caspian Sea littoral states unlock a 500-billion-dollar market for Iran, which should be used in a logical manner. Peymanpak also said that the Iranian delegation proposed in the CEF to use national currencies and independent banking mechanisms in the trades between the Caspian Sea littoral states. Senior Iranian officials had meetings with large Russian banks and regional banks to discuss opening bilateral accounts to create a financial channel independent from the West-dominated international banking systems such as the SWIFT, according to the TPO head. He said that joint funding trusts have been created to finance specific projects that are under consideration. Joint productions lines, technical know-how exchange, creation of regional hub for distribution of basic goods and food, and equipment of maritime fleet were among other issues raised in the CEF and sideline meetings, according to Peymanpak. Follow us on Twitter @IrnaEnglish