Thirty five percent of the trade between Iran and Turkey is carried out in national currencies, Iranian Foreign Minister Mohammad Javad Zarif said at an event dedicated to National Industry and Mine Day in Tehran, Trend reports via Tasnim News Agency.
He noted that Iran and some other countries are striving to decrease dependence on US dollar.
The minister added that the US wanted to hit Iran’s economy by creating instability in Iran’s foreign currency market.
Last Iranian year (March 21, 2018-March 20, 2019), Iran exported goods to Turkey for $2.369 billion and imported Turkish goods for $2.617 billion. Thus, compared to the preceding year, Iran’s exports to Turkey decreased by 40 percent, while imports from this country decreased by 19 percent.
In the first month of the current Iranian year (started March 21, 2019), Iran exported goods to Turkey for $119 million and imported Turkish goods for $346 million. During this period, Iran’s exports to Turkey decreased by 7 percent, while imports of Turkish goods increased by 160 percent.
US imposed sanctions on Iran in November, 2018.
Iran faced strong devaluation after August 2018. As a result, the rate of one US dollar increased from 35,000 rials to 200,000 rials in Iran’s black market. Later, Iranian Government interfered and the USD rate decreased to 100,000 rials. Presently, the USD rate varies between 127,000-130,000 rials in Iran’s black market.