Operationalization of monetary and banking platforms between Iran and Russia

According to Iran Economist From the central bank, following the operationalization of monetary and banking platforms between the Islamic Republic of Iran and Russia, a new chapter of banking relations between the two countries has begun.

Infrastructures and platforms such as the connection of non-SWIFT messaging systems and the establishment of bilateral brokerage relations with national currencies between the commercial banks of the two countries, which were previously established, are now used by banks and economic activists.

In the meeting and negotiations between Mohammadreza Farzin, the Governor General of the Central Bank of our country, and Elvira Nabiolina, the Governor General of the Central Bank of Russia, in addition to finalizing the agreement to use national currencies instead of the dollar in the commercial transactions of the two countries, Farzin made suggestions in the field of exploiting the capacities of the BRICS group and monetary institutions. And a bank in this area during the presidency of Russia raised this group in the coming year, which was noticed by the head of the Central Bank of Russia.

According to this report, according to the finalization of all previously agreed measures between the central banks of Iran and Russia, it was decided that its technical and specialized provisions will be the focus of the future cooperation between the central banks of the two countries.

During the visit of the head of the central bank of our country to Moscow and following consultations and operationalization of monetary and banking platforms, the first LC of Iran’s banking network abroad was opened by Sepeh Bank in Russia. The value of this LC, which has been used since today, is 17 million euros to begin with, and it is used for imports with the condition of long-term payment.

Also, with the presence of Farzin, the head of the central bank of our country, a meeting was held between bank managers of the Bank of Russia and the National Bank of Iran, based on which a credit line worth 6.5 billion rubles was established for the import of basic goods from Russia for Iran.