Iran downplays reports on bank dealings in Iraq

Shafaq News/ Iran sought to downplay reports indicating a halt in dealings with three of its banks in Iraq, asserting that two of them had their operating licenses canceled two years ago.

The Iran-Iraq Chamber of Commerce Chairman, Yahya Ale Eshaq, addressed the issue, emphasizing that canceling licenses for Bank Melli Iran, Parsian Bank, and the Islamic Cooperative Bank does not impact current relations or currency markets.

According to Ishaq, Bank Melli and Parsian Bank have not engaged in currency transfers or transactions for the past two years. He dismissed the recent news as having no bearing on the financial transactions of businessmen and urged against unnecessary concern.

While acknowledging the cancellation of Bank Melli's activities in Iraq, Ishaq attributed the news to "opportunistic elements attempting to disrupt the declining exchange rate that began earlier in the week."

Meanwhile, an Iranian trade expert, Muhammad Ali Nadib, asserted to Iranain media outlets that canceling the National Bank's license would not significantly impact trade between the two countries, explaining that commercial exchanges between Iran and Iraq occur through various channels.

Nadib highlighted the absence of a clear commercial law in Iraq, emphasizing that some tribes hold more influence than the government. Despite the news, he noted that trade between the two nations continues as usual, with most exports occurring through the UAE.

Nadib suggested that the exaggeration of this news has contributed to an increase in the dollar price, emphasizing that it is baseless and has been amplified by those with vested interests.

The trade expert noted that the recent improvement in the trend towards a decline in exchange rates is influenced more by political tensions than by the reported news, and the Iranian government's efforts to reduce tensions have contributed to this positive shift.