Tuesday, March 5, 2024

Iran, Russia resolved to eliminate US dollar from bilateral transactions

The governor of the Central Bank of Iran (CBI) says the Islamic Republic and Russia have explored ways, in recent talks, to eliminate the US dollar from their financial transactions in order to facilitate economic cooperation under sanctions.

Following extensive talks with Russian Deputy Prime Minister Alexander Novak and Minister of Economic Development Maksim Reshetnikov, Ali Saleh-Abadi said on Friday that “good agreements” were reached between the two sides in banking, financial and economic sectors.

Saleh-Abadi said the topic of using national currencies instead of the US dollar in mutual transactions was high on the agenda of the discussions in Moscow.

The Iranian and Russian officials, he added, also held talks on the replacement of SWIFT with domestic financial messaging systems.

The agreements will be put in action in the near future and the outcome will be “tangible” in bilateral trade ties, Saleh-Abadi said.

The CBI chief said his trip contributed to the enhancement of relations between the business people of the two countries.

Iran and Russia, both subjected to tough economic sanctions by the Western countries, are determined to deepen their economic cooperation, said Saleh-Abadi, adding that there are great capacities for increasing the volume of bilateral trade.

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