Shafaq News/ President of the Federation of Iraqis exporters and importers -the Kurdistan Region revealed on Sunday that  the low value of the Iranian currency against the U.S. dollar hit a large number of Kurdistani traders with big losses because of the inability of Iranian traders and banks to fulfill the discharged amounts in a timely manner, pointing out that this crisis that hit the Kurdish market is "a major setback."Mustafa Abdul-Rahman told "Shafaq  News" "The low value of Iranian Toman against the U.S. dollar hit the Kurdish market, with a major setback," adding that "the biggest losers are the traders who have business dealings and financial transactions with Iranian traders because they were dealing with these traders by instruments ".

He noted that "the merchants who have financial dealings with Iranian banks in Dubai, especially (Tejarat) and (Milly ) banks exposure as well as the loss itself because of the freezing of their assets by the sanctions imposed on Iran. Also these banks could not also fulfill the values of instruments which they owe  for the benefit of Kurdish traders. "

"The Union is now in its consultations with its members, and we should count ourselves as a party in the subject at this stage without these traders belonging to our union bringing complaints to recover their rights," For the role of the Federation of Exporters and Importers of Kurdistan in the search for solutions to this problem, Abdul Rahman, said, asserting that "the Union's role is currently limited in bringing the two sides of the Iranian traders and our merchants in the joint meetings to consider how to treat the problem and pay the discharged amounts on time without delay."

The Kurdistani traders have business dealings, and import and export operations with their Iranian counterparts of billions of dollars and they fear that these Iranian traders would be unable to fulfill their financial obligations. According to news reports it may reach to about 4 billion U.S. dollars, which is a major setback for the Kurdish market and traders.