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Iran and Russia Prioritize Strengthening Trade and Local Currency Usage in Bilateral Relations

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BNN Correspondents
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The Central Bank of the Islamic Republic of Iran and the Russian Federation are focused on enhancing trade exchanges and promoting the use of local currencies in bilateral trade. Discussions between the bank governors emphasized the need to increase banking and monetary exchanges, accelerate brokerage relations, and explore potential collaborations in banking infrastructure.

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Increasing Banking and Monetary Exchanges

The Central Bank of Iran (CBI) recently reported that the governor of the CBI, Mohammad-Reza Farzin, held a meeting with Elvira Nabiullina, the governor of the Central Bank of Russia. The discussions centered around the importance of boosting banking and monetary exchanges between the two nations. Farzin emphasized the need to strengthen these ties to facilitate trade and economic cooperation.

Expanding Brokerage Relations

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Another key aspect highlighted by Farzin was the acceleration of development in brokerage relations between the commercial banks of Iran and Russia. By fostering stronger ties between the banking sectors of the two countries, opportunities for trade and economic growth can be maximized. This initiative aims to facilitate smoother financial transactions and establish a solid foundation for future collaborations.

(Read Also: VTB Bank Establishes Representative Office in Iran, Boosting Trade Amid Western Sanctions)

Enhancing Banking Infrastructure Cooperation

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Recognizing the substantial commercial capacities and potentials possessed by both Iran and Russia, Farzin emphasized the significance of increasing banking infrastructure cooperation between the two nations. Enhancing infrastructure will create a robust financial framework to support trade activities and promote economic growth. By leveraging their respective strengths, Iran and Russia can expand their economic ties and deepen their collaboration in various sectors.

(Read Also: Iran Condemns Sweden’s Action Against Revolutionary Guards)

 Asian Clearing Union Summit Invitation

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Farzin extended an invitation to Russia to participate in the 51st edition of the Asian Clearing Union (ACU) summit, which was hosted in Tehran. Highlighting the potential of ACU member states, Farzin urged Russia to explore opportunities for collaboration within this framework. The ACU serves as a platform for promoting trade and facilitating payments between its member countries, fostering economic integration in the region.

(Read Also: Chinese Premier Expresses Willingness to Elevate Pragmatic Cooperation with Russia to New Heights)

Monetary and Banking Exchanges for Trade Development

Governor Nabiullina echoed the sentiments expressed by Farzin, emphasizing the importance of strengthening monetary and banking exchanges to foster trade and economic cooperation between Iran and Russia. She stressed the optimal utilization of the banking infrastructure in both countries to facilitate seamless transactions and enhance bilateral trade. Nabiullina also highlighted the exchange of technical and specialized teams between the central banks as a vital step towards deepening monetary and banking relations.

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