Iran's private banks have expressed readiness to establish a joint bank with their Iraqi peers, Eghtesad online news website reported Monday.
"The groundwork for establishing a joint bank is ready. Despite the limitations, establishing such a joint bank is possible," said Yahya Al-e Es'haq, head of Iran-Iraq Chamber of Commerce.
The bank would function under the regulations of central banks of the two countries to facilitate money transfer.
According to the report, Iran-Iraq trade amounted to 4.56 billion U.S. dollars in the first half of the current Iranian fiscal year starting March 21, showing 31 percent of growth in value.
Jaafar al-Rasoul al-Hamdani, head of the Federation of Iraqi Chambers of Commerce, said easing money transfer is one of the most important factors in boosting economic relations.
Iraqi banks are willing to establish joint banks in collaboration with their Iranian peers, he added.