Official: Iraq willing to form joint banks to support Iran, 'even in war'

ERBIL (Kurdistan 24) – The chairman of the Federation of Iraqi Chambers of Commerce (FICC) stated on Tuesday that he felt Iraq would be willing to form a joint bank with Iran and affirmed support for its neighbor in the face of ongoing US sanctions on the Islamic Regime.

"We believe that if Iran falls under any pressure from sanctions and even in war, the Iraqi government will side with Iran," Chairman of  Jafar al-Hamdani said, during a meeting between businessmen of the two countries at Tehran’s Chamber of Commerce, according to semi-official Tasnim media outlet.

Such crucial and far-reaching international policy decisions are far from the purview of the FICC, whose responsibilities include coordinating the work of Iraq's chambers of commerce, business registrations, and attending regional trade exhibitions.

“We as the private sector stand by the Iranian nation and do not accept sanctions and international pressure,” Hamdani added.

The US imposed one set of sanctions on Iran in early August, dealing with the import of Iranian metals and automobiles. The more important sanctions, however, are set to take effect on Nov. 5 and will include the oil, financial, and shipping sectors.

Iran’s economy has been on a continuous decline in the past year and the rial has lost over 60 percent of its value with the currency hitting new lows every month as foreign businesses leave. The latest record is at 160,000 to a dollar on Bonbast.com, a website which tracks the rial’s unofficial exchange rates.

In this climate, some officials close to Tehran’s clerical government have reiterated such continued support for Iran, even saying they were willing to conduct trade with the rial.

Hamdani went on to promise Iraq’s expansion of economic ties with Iran and added that "global arrogance is seeking to create evil… dictatorial rule in the region, and prevent free nations."

"Global arrogance" is a term regularly used by the Islamic Republic’s officials to describe Western powers, with its Supreme Leader describing the US as “the true embodiment” of the phrase.

“But we want to stand side by side against these demons,” the official affirmed.

Explaining that there are different methods to battle the issues of banking with the current situation of the two countries' in mind, Hamdani said, "We will use local and shared banks to solve this problem, and if Iran’s banks are willing to do so, we can create Iranian joint Iraqi banks."

Editing by John J. Catherine