Iran, Malaysia Agree to Trade in Yen, Yuan

Iran and Malaysia have agreed to use Japanese yen and Chinese yuan in their bilateral trade, a senior Iranian banking official said.

We welcome the eagerness of Malaysian banks to open accounts in Iranian commercial banks in the South Asian country’s currency, Ringgit, Deputy Governor of the Central Bank of Iran (CBI) for Currency Affairs Gholam Ali Kamyab said.

He made the remark during a recent meeting with the southeast Asian country’s Assistant Governor of the Central Bank of Malaysia Adnan Zaylani Zahed.

Heading a banking delegation, Kamyab is in Kuala Lumpur to hold talks with senior managers of Malaysian commercial banks as well as officials of the Malaysian central bank (Bank Negara Malaysia).

The Iranian official added that the two nations could use Japanese yen and Chinese yuan to transfer currencies if necessary, noting that the CBI plans to ease its bilateral trade ties with other nations using local currencies.

Zaylani Zahed, for his part, Kuala Lumpur is currently using yen and yuan for its transactions and transfer of cash, stressing that this framework could be used for enhanced Iran-Malaysia’s trade ties.

Iran and Malaysia have shown keenness to expand their ties in different areas.

Iranian President Hassan Rouhani, who visited Malaysia during a tour of Southeast Asia in October, said at the time that Tehran and Kuala Lumpur are resolved to restore their bilateral relations to pre-sanctions levels and then promptly double it.

“We also plan to turn 2016 into the year of development in improvement and expansion of mutual ties in economic, political, scientific and cultural fields,” he added.

(Source: Tasnim, under Creative Commons licence)

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