Iran-Russia Banking Ties Strengthen as CBI Chief Visits Russia
Mohammad Reza Farzin, Governor of the Central Bank of Iran, took a significant step to strengthen Iran-Russia economic ties. He recently traveled to Yekaterinburg, Russia, to meet with his Russian counterpart, aiming to advance monetary cooperation. Furthermore, the visit targeted exploration of further collaboration within the BRICS group, boosting banking ties between the two nations.
A Strengthening Partnership
Elvira Nabiullina, head of Russia’s central bank, recently invited the CBI Governor to visit Russia. He will focus on strengthening monetary cooperation and expanding ties with BRICS members during the trip. Thus, the growing partnership between Iran-Russia gains momentum, demonstrated by their efforts. Similarly, their economic and financial relationships continue to deepen.
Recent Breakthroughs
During a recent visit to Moscow with Iran’s president, Farzin announced that the Iran-Russia monetary agreement had been implemented, with the two countries’ currencies being settled based on a market-determined exchange rate. This significant breakthrough paves the way for enhanced monetary cooperation and banking ties between the two nations.
Payment Network Integration
Another key project is the integration of the Mir and Shetab payment networks. The first phase of this initiative has already been launched, with the second and third phases underway. This integration will facilitate seamless transactions between the two countries, further solidifying their banking ties.
Joint Action Plan
The CBI and Russia’s central bank have finalized a joint action plan, covering three key areas. They target the use of national currencies in bilateral trade, linking financial messaging systems SEPAM and SPFS. Next, they aim to integrate the two countries’ card payment networks, accelerating Iran-Russia monetary cooperation. Therefore, this comprehensive plan will strengthen banking ties between the two nations.
Yekaterinburg: A Hub for Cooperation
Yekaterinburg, the capital of Russia’s Sverdlovsk province, provides an ideal backdrop for discussions on monetary cooperation. Located strategically, the city fosters economic cooperation between Iran and Russia, with multiple bilateral agreements already established. Moreover, the CBI Governor’s recent visit aims to strengthen Iran-Russia economic ties, a significant step forward in their cooperation. This move can further bolster their relationships within the BRICS group, promising enhanced economic growth and development.
Source: Tehran Times