TEHRAN (FNA)- Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati in a meeting with his Iraqi counterpart Ali Mohsen al-Alaq on Wednesday called for the expansion of banking cooperation, saying that Tehran will use its assets in Iraq to purchase basic commodities not banned by sanctions.

During the meeting in Baghdad, Hemmati urged a joint mechanism to be used by both countries to provide Iran with access to basic commodities.

Referring to the already signed agreements between the two countries, he said that Iran aims to make use of its resources and assets in Iraq for purchasing basic commodities which are not banned under the sanctions imposed on Tehran.

Hemmati noted that the two sides also reached good agreements during this visit, and said that the timetable for implementing the agreements is of special importance.  

Al-Alaq, for his part, said that a document signed a year ago between the central banks of Iran and Iraq clearly defines the banking and financial relations between the two countries and the way to use the resources of the Central Bank of Iran.

Today the two sides agreed to act based on the same agreement, he said.

Economic relations between Iran and Iraq have expanded and the volume of trade has increased in recent years.

Iranian Ambassador to Iraq Iraj Masjedi and Baghdad's new Finance Minister Ali Abdul Ameer Allawi in a meeting earlier this month discussed various ways to bolster economic and trade relations between the two countries.

During the meeting with the Iraqi minister, congratulated on the Iraqi minister's appointment to the post and handed over to him and an invitation from Iranian Minister of Economic Affairs and Finance Farhad Dejpasand to pay a visit to Iran.

Allawi, meantime, thanked his Iranian counterpart for the invitation and expressed the hope that he would pay a visit to the Islamic Republic of Iran in the near future at the head of a trade and economic delegation.