Turkey, Russia, Iran to use local currencies for trade

Turkey, Russia and Iran have agreed to use their local currencies for trade between the three countries, according to Central Bank of Iran Governor Abdolnaser Hemati on Saturday.

Hemati told the media a meeting with the administrators of Turkish and Russian Central Banks is expected in the near future and he hopes the agreed topics would rapidly come into effect.

The governor termed the meetings in Tehran that saw the participation of Russian President Vladimir Putin and Turkish President Recep Tayyip Erdoğan during the trilateral summit on Syria as fruitful.

He said they had agreed on trade of petroleum, gas and fundamental products, and also agreed on some banking issues.

The three countries agreed the U.S. dollar should not be used for trade, Hemati said.

He added that transactions will be made over designated currency exchange rates.

A trilateral summit on Syria was held in Tehran on Friday by Turkish, Russian and Iranian leaders.