Iran, Russia can conduct payments in national currencies

Russian and Iranian exporters can handle transactions in national currencies after the two countries integrated their financial message transfer systems, allowing banks to make direct payments without using the SWIFT system.

News ID: ۸۱۸۵۵۳

08 January 2024

"We have connected the two countries' message transfer systems to each other. This means that the banks of the two countries no longer need Switzerland to connect to each other and commercial banks of both countries can establish intermediary relations. The exporter can issue an invoice in rials to the Russian side and receive money from Russian banks in Iran," Deputy Head of Iranian Central Bank Mohsen Karimi said.

Transactions can now be made in the national currencies of Russia and Iran, the deputy chief of the Iranian central bank said.

Iranian Central Bank governor Mohammad Reza Farzin said in late December 2023 that Iran and Russia would sign a deal to trade in their national currencies instead of the US dollar in the first quarter of 2024.

In March of that year, Iranian Minister of Economic Affairs and Finance Ehsan Khandouzi told Sputnik that banking payment systems of Iran and Russia had been fully connected and would enable banks in both countries to open accounts for national companies and carry out direct payments. / MEHR