Iran, Russia launch monetary agreement, card network integration
Date
1/20/2025 8:34:22 AM
(MENAFN) The Governor of the Central Bank of Iran (CBI), who accompanied the Iranian president on his visit to Russia, announced the implementation of the Iran-Russia monetary agreement and the integration of the Mir and Shetab card payment systems.
According to IRIB, Mohammadreza Farzin confirmed that the monetary agreement is now operational, with the currencies of both countries being settled based on a mutually agreed commercial exchange rate.
Farzin also mentioned that the integration of the Mir and Shetab card networks has entered its first phase.
He explained that a joint action plan between the central banks of Iran and Russia has been executed under three main areas: the use of national currencies for bilateral trade, the integration of the countries' banking messaging systems (SEPAM and SPFS), and the connection of their card payment networks.
Farzin emphasized the significance of linking the large Mir and Shetab card networks, noting that the monetary agreement with Russia has also been finalized. The settlement rate for this agreement is tied to the exchange rate in Iran's commercial exchange market, which now serves as the basis for transactions.
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