Iran and South Korea have agreed to use the won-based mutual business system, the Yonhap news agency reports.
This was the result of negotiations between officials from the finance and foreign ministries, as well as central banks' representatives. They also discussed ways to use the euro, Chinese yuan and Japanese yen to create other mediums for payment.
"Since South Korean companies bought more than they sold to Iran, the amount of money in the accounts has grown steadily over the years," RIA Novosti cited an unnamed source in the Seoul government as saying.
Under the previous system, a South Korean refinery could purchase crude oil from Iran and deposit the money either into Woori or IBK accounts. Iran's central bank confirmed the transfer and paid the Iranian seller the same amount in rials.
