Wednesday, May 22, 2024

Iran’s central bank governor upbeat about rial-ruble trading

Iran’s move to launch trading in the Iranian rial-Russian ruble in its foreign exchange market can further bolster its economic relations with Russia and diminish other foreign currencies’ role in the Iranian market, according to the governor of the Central Bank of Iran (CBI).

After a cabinet meeting on Wednesday, Ali Salehi Abadi hailed the move as a major initiative that can serve as a stepping stone to facilitate trade between businesspeople in Iran and Russia.

Both Iran and Russia, under US-led Western sanctions, have been trying to weaning their bilateral trade off the US dollar, which is used as a political tool for pressure and domination

Tehran and Moscow have also been working on developing an alternative to the global interbank money transfer service, SWIFT, through unification of their banking systems.

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