Iran points to the importance of national currencies in trade with Russia

Chairmen of the Central Bank of Russia and Iran Elvira Nabiullina and Mohammad Farzim discussed the need to strengthen trade relations and the use of national currencies in bilateral trade. Farzim wrote about this on Twitter following a meeting with Nabiullina on May 23.

“We have come to a consensus on the development of common currency relations and, on its basis, have prepared an operational roadmap. The use of national currencies in bilateral relations and the strengthening of the system of bilateral settlements are part of this plan,” he wrote.

Farzim also described the meeting with Nabiullina as “good and productive.” In turn, the chairman of the Russian Central Bank noted the importance of strengthening the currency and banking exchange and maximizing the use of the banking infrastructure of the two countries in order to develop trade and economic cooperation, transmits IRNA agency.

At the end of January Moscow and Tehran signed an agreement on cooperation in the field of facilitating financial and banking transactions between countries. According to Vladislav Gridchin, Deputy Head of the Bank of Russia Main Directorate for the Central Federal District, who was present at the document signing ceremony, the advantage of the agreement with Iran is that “Western sanctions will not be able to affect it.”