Central Bank of Iran braces to launch digital Rial soon
Date
11/26/2024 6:24:06 AM
(MENAFN) The Central bank of Iran (CBI) is preparing to launch its digital currency, the Digital Rial, as part of an initiative to modernize the country's banking system and enhance international financial cooperation. Mohammad Reza Farzin, the governor of the CBI, shared these plans during the 11th Annual Conference on Modern Banking and Payment Systems, organized by the Central Bank, according to Tasnim News Agency.
At the conference, Farzin spoke about the importance of reviewing policies and planning the future direction of Iran's banking system. "As the Governor, this platform allows me to evaluate strategies and set the course ahead. We will incorporate the insights shared here into our policymaking," he explained. He also discussed the strengths of Iran’s banking infrastructure, particularly its Shetab payment network, which processes transactions in under two seconds, positioning it among the most efficient in the region.
Farzin confirmed that the Digital Rial is set to become operational soon, reinforcing the Central Bank’s commitment to modernizing banking practices in Iran. He emphasized that developing innovative banking systems is a global responsibility for central banks, and Iran is dedicated to fulfilling this role.
Although acknowledging the challenges posed by international sanctions, Farzin highlighted that the country is making progress by exploring alternative solutions for banking interactions. The introduction of the Digital Rial is part of broader efforts to overcome such obstacles and promote financial inclusion and efficiency within Iran’s banking system.
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