Tehran, Seoul to Trade in Lo­cal Cur­ren­cies

Iran News - - DOMESTIC -

TEHRAN (PressTV) - South Korea says it has reached a deal with Iran to use lo­cal cur­ren­cies in mu­tual trade be­tween the two coun­tries in­stead of the U.S. dol­lar.

Ac­cord­ing to Yon­hap News Agency, the two coun­tries “will restart the won-based set­tle­ment of bi­lat­eral trade trans­ac­tions” us­ing the ac­counts of the Cen­tral Bank of Iran at two South Korean banks: Woori Bank and the In­dus­trial Bank of Korea. “It’s ex­pected to pro­vide South Korean firms with more op­por­tu­ni­ties for the trade of non-sanc­tions items such as med­i­cal prod­ucts, pro­cessed food and home ap­pli­ances, although the ex­ports of some prod­ucts in­clud­ing steel and au­to­mo­bile parts will be af­fected by the sanc­tions,” Yon­hap quoted an anony­mous in­formed as say­ing.

The move came af­ter the U.S. an­nounced on Mon­day that it had re­stored all Iran sanc­tions that had been lifted in 2015 af­ter a nu­clear deal was signed be­tween the coun­try and the five per­ma­nent mem­bers of the Se­cu­rity Coun­cil – the U.S., Bri­tain, France, Rus­sia and China – as well as Ger­many. Fol­low­ing the an­nounce­ment of waivers, SK In­no­va­tion, South Korea’s big­gest oil re­finer by sales, said it was plan­ning load­ings of con­den­sate from Iran for early Jan­uary.

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