Iran, Russia Operationalise Monetary Pact, Link Payment Systems

2025-01-21 02:12:18

(MENAFN- Daily News Egypt) Iran and Russia have implemented a monetary agreement and connected their national card payment networks, Shetab and Mir, according to the Tehran Times, a partner of TV BRICS .

Central bank of Iran Governor Mohammad Reza Farzin, in Moscow accompanying the Iranian president, confirmed the agreement's implementation. Bilateral trade transactions will now be settled using a mutually agreed commercial exchange rate. The agreement aims to strengthen financial cooperation and facilitate trade between the two nations.

The connection of Iran's Shetab and Russia's Mir payment networks marks a significant step in the agreement. Farzin announced the successful launch of the integration's first phase, enabling seamless payment solutions for individuals and businesses in both countries.

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