Azernews.Az

Iran has proposed to establish a joint bank of Developing-8 Group of countries, Mehr news agency reported.

The idea was voiced by governor of Iran's Central Bank Mahmoud Bahmani, heading the panel of experts of Islamic Republic's Central Bank, who participated in the second meeting of the heads of central banks of D-8 countries.

Summit of Developing-8 Group due to be held on Thursday in Islamabad, Pakistan.

Proposing the idea of establishing a joint bank between the D-8 countries, Bahmani noted that it would be necessary for such a bank to use other currencies, rather than USD or Euros.

Bahmani expressed satisfaction with increased trade volume between the D-8 countries, which has increased in the last five years.

Bahmani noted that the limitations and restrictions of the trade should be removed, to allow further expansion of cooperation between the member countries.

The Developing 8 (D-8 or Developing Eight) are a group of developing countries with large Muslim populations that have formed an economic development alliance.

It consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. The objectives of D-8 Group are to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living.