Iran-Syria Discuss Use of Local Currency in Trade

Prime Minister Hossein Arnous and the Governor of the Central Bank of Iran, Mohammad Reza Farzin, recently convened to discuss the utilization of local currencies in trade exchanges between Syria and Iran.

Prime Minister Hossein Arnous and the Governor of the Central Bank of Iran, Mohammad Reza Farzin, recently convened to discuss the utilization of local currencies in trade exchanges between Syria and Iran. The primary objective of the meeting was to establish direct communication channels between the central banks of Syria and Iran, seeking alternatives to payment systems affected by US and Western sanctions, as reported by the pro-regime newspaper Al-Watan.

During the discussion, Governor Farzin emphasized Iran’s keen interest in enhancing cooperation with the Syrian regime in the financial and banking sectors. He highlighted preliminary understandings with the Central Bank of Syria to activate banking cooperation for the mutual benefit of both nations.

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Fahd Darwish, the head of the Iranian-Syrian Joint Chamber of Commerce, disclosed in July that Iranian investments in Syria, even in the smallest factory, range from $250 to $300 million, contingent on the plant’s size and economic status. Plans were unveiled for cultural and religious tourism investments across various governorates, with the anticipation of substantial commercial activity. Darwish noted that the first contract for religious tourism was expected to bring in 50,000 tourists.

Looking ahead, Darwish emphasized the necessity of establishing a joint bank between the two countries to facilitate upcoming commercial and tourism transactions, addressing obstacles that hinder fund transfers. He mentioned that the bank is currently in the process of construction and establishment.

In early 2023, a delegation from the Iranian-Syrian Friendship Organization concluded several agreements aimed at expanding Iran’s influence in the Syrian economy, particularly in the telecommunications, energy, and industrial sectors.

 

This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.

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