Value of Iran’s trade with Russia reaches over USD968M in 5 months
Date
9/17/2024 8:20:37 AM
(MENAFN) The non-oil trade between Iran and Russia reached a total value of USD968.772 million in the first five months of the current Iranian calendar year, which spans from March 20 to August 21, as reported by the Islamic Republic of Iran Customs Administration (IRICA). The trade volume between the two countries was reported at 2.09 million tons in weight. However, this trade marks a decline when compared to the same period last year, showing a 19 percent decrease in value and a 15 percent reduction in weight. Despite this downturn, Russia maintained its position as the fifth-largest trade partner of Iran among the country's neighbors during this period.
In early July, the Central Bank of Iran (CBI) took a significant step towards enhancing economic cooperation with Russia by signing a monetary contract aimed at facilitating bilateral trade exchanges. CBI Governor Mohammadreza Farzin disclosed that this agreement was finalized during a meeting with his Russian counterpart in Saint Petersburg. This meeting also resulted in the signing of a memorandum of understanding (MOU) that outlines the joint measures to be taken by both countries to expand their economic and monetary ties.
One of the key components of this agreement is the linkage between Iran’s Shetab banking system and Russia’s MIR interbank system, which is expected to be completed by the end of August. This integration will allow Iranian nationals to withdraw rubles from Russian ATMs using their Iranian banking cards, a move that significantly eases financial transactions for individuals and businesses operating between the two countries. Farzin highlighted that this project has already entered its operational phase, marking a critical advancement in the financial collaboration between Iran and Russia.
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