Thursday, December 12, 2024
name of Prensa Latina
Bandera inglesa
English Edition
Search
Close this search box.
name of Prensa Latina

NEWS

NEWS

Iran-Russia trade shifts to national currencies

Tehran, Nov 26 (Prensa Latina) Iran and Russia on Tuesday are placing their bets on resorting to their respective national currencies, after canceling the use of the US dollar, in a bid to boost bilateral trade ties.

“We have entered a currency agreement with Russia and fully removed the use of the US dollar. From now we will only trade in rials and rubles,” Mohammad Reza Farzin, director general of Iran’s Central Bank, said.

The countries’ financial authorities have agreed on the exchange rate to be used for foreign trade transactions between Moscow and Tehran, he confirmed.

Reza Farzin announced that the Islamic Republic hopes to take steps in a similar direction with other States.

Earlier official reports indicated that Iranian and Russian companies hope to conduct direct interbank transactions without resorting to the Western-dominated SWIFT system to do financial operations.

ied/iff/mem/mjm

LATEST NEWS
RELATED