Tag - Iran agree to maintain won-based settlement system

Korea, Iran agree to maintain won-based settlement system

South Korea and Iran reached an agreement to maintain the won-based settlement system used for years for bilateral trade while seeking an alternative payment method that can expand economic ties between the two countries, Seoul officials said Tuesday. “We agreed that the current won-based settlement system has no problem in continuing to operate. The existing accounts will remain,” a Finance Ministry official said. The agreement came after a Korean delegation comprised of finance and foreign ministry officials as well as local [...]

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