Iran and Syria have agreed on measures that will allow bank transactions in their local currencies and non-dollar foreign currencies as the two countries have decided to deepen trade and investment relations, Sputnik International reports.

Damascus and Tehran signed 11 agreements, including a “long-term strategic economic cooperation deal”, which spans industry, trade and agriculture, on Monday, January 28.

According to Iranian Vice President Eshaq Jahangiri, who is currently in Syria with a delegation of trade officials, the deals included “very important agreements on banking cooperation”.

Addressing an Iranian-Syrian business forum in Damascus, Jahangiri stated that “ministers confirmed that banking transactions will take place very soon between the countries”.

Chairman of the Syrian Chambers of Commerce Mohamad Hamsho, for his part, stressed that the deals had been concluded to “overcome obstacles with respect to the banking activity” between Damascus and Tehran.