ALWAGHT- The Central Bank of Iran plans to launch the Digital Rial soon, aiming to modernize the banking system and enhance international financial collaboration.
Mohammad Reza Farzin, Governor of the Central Bank of Iran, announced plans to launch the Digital Rial at the 11th Annual Conference on Modern Banking and Payment Systems. He emphasized the conference as a platform for evaluating strategies and shaping the future of Iran’s banking system, highlighting its importance in incorporating innovative insights into policymaking.
Farzin praised Iran’s banking infrastructure, particularly the Shetab payment network, which processes transactions in under two seconds, positioning it as one of the most advanced systems in the region. He confirmed the Digital Rial's imminent launch, underscoring the Central Bank's dedication to adopting modern banking practices and fulfilling its role in advancing financial innovation.
Addressing international banking challenges, Farzin acknowledged the impact of sanctions but noted significant progress through alternative systems like the ACU-MIR platform. Operational since October 2, this system enables transactions with countries such as India and Pakistan, bypassing SWIFT. He also highlighted Iran’s growing collaboration with BRICS nations, focusing on local currency transactions and international financial integration.
Farzin detailed efforts to enhance regional connectivity, including linking Iran’s Shetab network with Russia’s MIR system. With several banks now operational on the system, plans include expanding tourist payment capabilities between Iran and Russia by 2025. He concluded by reaffirming the Central Bank’s commitment to strengthening financial innovation and international cooperation despite ongoing challenges.
