Governor of the Central Bank of Iran (CBI) Mohammadreza Farzin has said that a monetary contract has been signed between Tehran and Moscow for carrying out bilateral trade exchanges.
Farzin told reporters on Saturday that he and his Russian counterpart had a meeting in Saint Petersburg last Thursday where they finalized agreements already signed between the two countries.
During the meeting, the chief bankers of Iran and Russia have also signed an MoU on joint measures to be taken by the two countries.
Farzin also said that the new monetary contract enables Iran and Russia to trade in local currencies.
He added that based on agreements between the specialized delegations of the two countries, Iran’s Shetab banking system will link Russia’s MIR interbank system by the end of August.
The official said that the new scheme would allow the Iranian nationals to take ruble from Russian ATMs using their Iranian banking cards.
He said that the scheme will further develop in the next phases to allow the Russian nationals to use their banking cards in Iranian ATMs and will then enable using Iranian cards at the Russian poses.