Iran Central Bank close to implementing agreements with Russia

By Al Mayadeen Net
Source: Agencies
10 Jul 2022 10:04

Strengthening cooperation agreements between the two countries has been on the agenda for a long time, especially with the current sanctions on Tehran and Moscow.

The Iran Central Bank, Tehran, Iran.

The head of the Central Bank of Iran, Ali Salehabadi, said that he hopes to implement the interbank cooperation memorandums that were signed recently with Russia, just after meetings with Russian officials on July 7-8.

According to Press TV, Salehabadi promised to implement memorandums based on intentions that were consolidated during the Russian officials' trip, so that "merchants, businessmen and economists will see the results of these agreements."

Currently, according to the Iranian official, there are still some unresolved issues regarding banking between Tehran and Moscow. One of the issues addressed was the use of banking cards by Iranian and Russian financial institutions between the two countries, noting that they, "in the future, may link" banks using a banking system that is similar to SWIFT.

Overall, according to his assessment, the memorandums signed in Moscow "will bolster the developing economic and energy ties between Iran and Russia."

Recently and even before the war in Ukraine began, Iran and Russia have been signing cooperation agreements in defense, space, finance, technology, energy and more.

Concerning banking, in April, the vice governor of the Iranian Central Bank indicated that they would be conducting trade in the two countries' national currencies, in rubles and tomans.

Iran and Russia's trade hit new highs in 2021, exceeding $4 billion. Russian imports from Iran accounted for $967.3 million of that number, recording an 81.4% jump compared to the previous year.