Iranian, Algerian, Iraqi & Pakistani Central Banks Governors Discuss Enhancing Ties

The Governor of the Central Bank of Iran met and held talks with Mohand Bouri, Governor of the Central Bank of Algeria, on the sidelines of the Annual Meeting of the International Monetary Fund (IMF).

At the meeting, the two sides discussed and exchanged views on the latest status of monetary, banking, and trade relations between the two countries. Enhancing the level of joint economic cooperation and utilizing mutual capacities to strengthen bilateral trade interactions were among the most important themes of the meeting.

The Governor of the Central Bank of Iran, referring to the historical and political commonalities between Iran and Algeria, emphasized the serious determination of the Islamic Republic of Iran to develop and consolidate economic relations with friendly and brotherly countries.

The Governor of the Central Bank of Algeria, while expressing satisfaction with the meeting, emphasized his country’s readiness to expand economic and banking cooperation with Iran and the need to follow up on mutual agreements in line with the interests of the two nations.

In late December, Saeed Zare’ Haghighi, the head of Iran Trade Center in Algeria, said that Algeria’s infrastructure needs offer significant opportunities for exporting technical and engineering services, making the North African country a largely untapped economic market.

He said Africa — and Algeria in particular — should be seen as a strategic destination for the private sector, noting that limited numbers of commercial counsellors made targeted entry into new markets essential.

He described Algeria as a geopolitically secure country with a strategic location close to Europe, adding that after the decline in Russian energy exports, about 20 percent of Europe’s oil and gas is now supplied by Algeria.

Zare’ Haghighi said Algeria’s foreign currency revenues had risen from around $50 billion to more than $300 billion in recent years, generating a trade surplus of $20 billion to $30 billion and creating broad scope for economic cooperation.

He pointed to strong demand in Algeria for technical and engineering services, infrastructure projects, and the construction of silos and storage facilities linked to food security, saying Iranian companies had the technical know-how and experience to meet these needs.

He also highlighted Algeria’s industrial and mining potential, including steel and phosphate, and said the trade center was ready to identify opportunities, guide exporters and promote participation in specialized exhibitions, drawing on models used by countries such as Turkey that combine trade with on-the-ground investment.

On the sidelines of the annual meeting of the International Monetary Fund (IMF), Hemmati also met and held talks with Nizar Nasser Hussein, Governor of the Central Bank of Iraq. According to an IRNA report from the Central Bank, this meeting, held in a constructive atmosphere, saw the two sides exchange views on ways to develop and consolidate bilateral relations. The Governor of the Central Bank of Iran, in this meeting, referring to the deep historical, economic, and political commonalities between Iran and Iraq, emphasized the necessity of strengthening joint monetary and banking cooperation between the two countries.

He also announced the readiness of the banking system of the Islamic Republic of Iran to transfer experiences in banking areas. As stated by the head of the Iran-Iraq Joint Chamber of Commerce, there is capacity for Iran-Iraq trade to reach $20 billion, and by resolving some domestic and foreign obstacles, this goal can be achieved.

Stating that the goal of increasing Iran-Iraq trade to $20 billion is not just a slogan, Yahya Al-e Es'haq said: "This figure is proposed based on experience and understanding gained from years of activity and examination of the economic relations between the two countries, and I believe that if we resolve some domestic issues and foreign obstacles, it is possible to achieve $20 billion in trade between Iran and Iraq."

In addition, the central bank governors of Iran and Pakistan have discussed ways to strengthen bilateral financial and banking ties and facilitate trade between the two countries. Hemmati met with Jameel Ahmad, governor of the State Bank of Pakistan, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand, according to the Central Bank of Iran.

The two officials reviewed various issues related to expanding economic and banking relations and increasing trade interactions. Developing monetary and banking cooperation, facilitating commercial exchanges, exploring ways to strengthen bilateral financial ties, and making use of the two countries’ economic capacities were among the areas identified for advancing cooperation.

The meetings of the IMF and World Bank Group are being held in Bangkok from October 12 to 18, 2026, providing an opportunity for economic and monetary officials to discuss global economic developments and strengthen international cooperation. - Tehran Times, IRNA