A special bank account will open for Iran in an Iraqi state bank, Ibena News Agency reported citing Mehdi Alipour, the deputy chairman of the Investment Commission of Iran's Trade Chamber.
According to the terms of the US, Iraq needs to avoid using dollars in trade in order to be excluded from new sanctions, he added.
Alipour said that a bank in Iraq has been appointed to receive payments for Iran's exports.
The details have not been officially announced yet. However, the Iraqi dinar or euro will be used to receive the payments via an Iraqi state bank.