CBI: Iran, Russia launch interbank system to facilitate trade

Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati said on Tuesday that Iran and Russia have set up interbank system to facilitate trade via messaging system of Iran and Russia.

Referring to Iran membership in Eurasian Economic Union (EEU), Hemmati said the possibility using this system for trade exchanges between EEU member states will help develop trade exchanges of the member states.

Iranian and Russian presidents earlier agreed to replace foreign currencies with national currencies of Iran and Russia, he added.

Russian President Vladimir Putin said in a press conference that Russia has reached an agreement with Iran's President Hassan Rouhani about trade with national currencies.

Putin said the two presidents reviewed applying advanced payment system.

Meanwhile, the aide for Russian vice president for international affairs Uri Ushakov said Iran and Russia are looking for an alternative network to replace the Society for Worldwide Interbank Financial Telecommunication (SWIFT) whose key is unlawfully held by the secretary of US Department of Treasury.

Ushakov said that Tehran and Moscow are trying to make Iranian SEPAM and Russian System for Transfer of Financial Messages (SPFS) cooperate to put SWIFT aside.

He added that the prominent joint project of Russia and Iran is building a nuclear power plant in Iran, the second phase of which is in progress and the concreting process will soon start.

News Code 190823

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