"Bolstering the banking cooperation and facilitating the customs affairs will play an important role in the development and strengthening of relations," President Rouhani said.
He also stressed the need for accelerating cooperation between the two countries' banks, including in currency swaps and using the national currencies for trade.
Erdogan, for his part, underlined Ankara's interest in broadening ties with Iran in all fields, saying, "Bilateral relations will deepen by strengthening the banking cooperation and speeding up use of national currencies in economic relations between the two countries."
Governor of the Central Bank of Iran (CBI) Valiollah Seif and his Turkish counterpart Murat Cetinkaya in a meeting in Ankara in October approved the draft of a memorandum of understanding (MoU) to use their national currencies in their transactions.
Seif and Cetinkaya reached the agreement with the aim to facilitate trade with the national currencies of the two countries in order to finance trade and direct investment between the two countries.
Under the terms of the MoU, rial of Iran and Turkey’s lira will be easily converted to each other and the issue will reduce cost of currency conversion and transfer for traders of both sides alleviating the need for other currencies.
In other words, the two central banks will be able to use international payment instruments, including credits and negotiable ones, to finance trade in national and local currencies, as envisaged in the agreement.
Also during the one-day visit of Seif, an agreement was inked between Iran’s CBI on behalf of the government and the EBA Economic Development and Trade Bank. The signing ceremony was attended by senior banking officials from both countries.