ALWAGHT- Mohammadreza Farzin, Governor of the Central Bank of Iran (CBI), announced the signing of a monetary agreement between Tehran and Moscow to facilitate bilateral trade exchanges.
Farzin informed reporters on Saturday that he and his Russian counterpart held a meeting in Saint Petersburg last Thursday to finalize agreements previously signed between their respective countries.
During the meeting, the top banking officials of Iran and Russia also signed a Memorandum of Understanding outlining collaborative measures.
Farzin further elaborated that the newly established monetary agreement facilitates trade between Iran and Russia in their local currencies. He noted that according to agreements reached by specialized delegations from both countries, Iran's Shetab banking system will integrate with Russia's MIR interbank system by the end of August.
The official highlighted that this initiative will enable Iranian nationals to withdraw rubles from Russian ATMs using their Iranian banking cards. He added that the scheme will evolve in subsequent phases to allow Russian nationals to use their banking cards at Iranian ATMs and eventually facilitate the use of Iranian cards at Russian terminals.
