Iran Launches SWIFT-Like System for Business with 10 States Using Local Currencies

The head of the Trade Promotion Organization of Iran (TPOI) said the country has established a SWIFT-like financial system to do business with a number of countries.

News ID: ۸۳۹۰۲۷

28 April 2024

EghtesadOnline: Iran has currently established direct financial interactions with 10 countries through their national currencies, Mehdi Zeyghami stated.

Speaking on the sidelines of the inaugural ceremony of the 6th Export Potentials Exhibition of the Islamic Republic of Iran, the deputy minister of industry noted that 103 countries are partaking in the exhibition.

In this exhibition, Iran will showcase its export capabilities and potential to both domestic and foreign visitors in various fields including steel, technical and engineering services, petrochemicals, machinery, foodstuff, medical equipment, knowledge-based products, etc, he stated.

A high-ranking trade and economic delegation from North Korea has traveled to Iran to visit the country’s export capabilities, he added.

The exhibition is hoped to pave the way for other countries to get more familiar with the export potentials of the Islamic Republic of Iran, the official said.

Various contracts are expected to be concluded by the private sector in this exhibition and it is hoped that Iran’s private sector companies will hold constructive talks with their foreign counterparts, he added.  / Tasnim