Iran seeking monetary pacts with regional countries: FM Zarif

Iranian Foreign Minister Mohammad Javad Zarif says his country is in talks with several regional countries to do business in national currencies.

23 June 2019
ID : 22063
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Iran says is seeking monetary pacts with several regional countries in a bid to ease the impact of US restrictions on international banking ties with Tehran.

“There have been talks going on between Iran and Turkey, Russia, China, Azerbaijan and India about monetary pacts,” Iranian Foreign Minister Mohammad Javad Zarif was cited as saying by Islamic Republic News Agency (IRNA) on Sunday.

Zarif stressed that such pacts exist with several countries, without clarifying which ones.

However, Iran and Russia have been handling much of their trade exchanges in their national currencies rial and ruble, according to several businessmen that have talked with Iran Chamber Newsroom.

Tehran and New Delhi have already put in place a Special Purpose Vehicle (SPV) since more than six months ago in a bid to counter the US sanctions, according to Indian envoy to Iran.

Video: Indian envoy talks about New Delhi SPV with Iran 

The Iranian government is also seeking to establish such pact with Turkey. The two neighbouring countries have been in talks to put in place such mechanism to facilitate bilateral trade that is targeted to reach $30bn.

Zarif noted that Central Bank of Iran (CBI) needs to finalise such pacts and put them into force and that his ministry is only supposed to help facilitate the process.

Earlier, CBI Governor Abdolnaser Hemmati said that he is looking to create more SPVs with friendly neighbours.


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