TEHRAN Central Bank of Iran (CBI) Governor Mohammad Reza Farzin took a trip to Yekaterinburg, Russia, to consult with his Russian counterpart and advance monetary and banking cooperation in between the two nations, in addition to discuss ongoing cooperation within the BRICS group.According to the Central Bank of Iran, Farzins go to follows a main invitation from Elvira Nabiullina, head of Russias central bank.
Talks will focus on reinforcing the Iran-Russia monetary pact and expanding economic, monetary, and banking ties with BRICS members.During a current see to Moscow with Irans president, Farzin specified that the Iran-Russia financial arrangement had actually been implemented, with the 2 countries currencies being settled based upon a market-determined exchange rate.Another key Iran-Russia job is the integration of the Mir and Shetab payment networks.
The very first stage has been released, with the 2nd and 3rd phases underway.The 2 central banks have actually also settled a joint action plan covering 3 key locations: making use of nationwide currencies in bilateral trade, connecting domestic financial messaging systemsknown as SEPAM and SPFSand integrating the two countries card payment networks.Yekaterinburg, the capital of Russias Sverdlovsk province, functions as the commercial center of the Ural Federal District.EF/ MA