Mohammad Reza Farzin, the Chairman of the Central Bank (CB) of the Islamic Republic of Iran, has announced plans for Iran and Russia to sign a currency agreement in the first quarter of 2024. Farzin, as quoted by Iran's ISNA news agency, emphasized that this agreement aims to facilitate trade between the two nations using their respective national currencies.
"The currency agreement between Iran and Russia will be signed in the first quarter of next year," stated Farzin.
Recently, on December 27, the Iranian Central Bank revealed a significant development in its financial ties with Russia. Sberbank and Bank Melli Iran have agreed to establish a credit line amounting to 6.5 billion rubles, facilitating the import of essential Russian goods to Iran. The announcement came following Mohammad Reza Farzin's visit to Russia, signifying an early step in strengthening financial and banking cooperation between Moscow and Tehran.
This initiative follows the signing of a free trade zone agreement between Iran and the Eurasian Economic Union (EEU). The Central Bank's press service highlighted that the discussions included talks between Elvira Nabiullina, the head of the Central Bank of Russia, and Mohammad Reza Farzin. The talks emphasized the deepening cooperation between the central banks of both countries and underscored the commitment to enhance relations following the free trade agreement between Iran and the EAEU.
Furthermore, the joint statement indicated plans to tap into the potential of BRICS (Brazil, Russia, India, China, and South Africa) to expand trade ties between Iran and Russia.
GSV "Russia - Islamic World"
Photo: Federation Council
Based on materials from TASS