Payment System

EghtesadOnline: The Central Bank of Iran is to launch an instant payment platform in late December, a deputy governor of the bank said.

EghtesadOnline: Those wanting to establish business in the monetary market, namely establishing credit institutions, setting up branches and offices, attracting public deposits in any form, offering payment, and any kind of activity in the payment system…must acquire permit from the Organization for Supervision Over Credit Institutions, the spokeswoman of Majlis Economic Commission said.

EghtesadOnline: Russia has said it may join a European Union payment system aimed at salvaging the Iran nuclear deal if the mechanism is expanded to include oil purchases.

EghtesadOnline: Germany’s foreign minister said he is hopeful Europe in the coming weeks will be able to finalize its long-promised payment channel for conducting trade with Iran.

EghtesadOnline: India's payment system with Iran is being relaxed further for basmati rice exports. This comes after the US allowed India to continue importing crude oil from Iran and develop Chabahar Port.

EghtesadOnline: Governor of the Central Bank of Iran has provided some details about the payment system to be unveiled by the European Union in the coming days saying that the mechanism allows Iranian and European businesses to access their export earnings.

EghtesadOnline: Seven central banks have agreed to establish a special payments channel to facilitate payments for Iran and turn this channel into an institution in the future, Foreign Minister Mohammad Javad Zarif said, answering a question about the details of the payment mechanism announced by the EU.

EghtesadOnline: Germany and its European partners are considering setting up a payment system with Iran, which allows the continuation of business transactions with the Islamic Republic once US sanctions kick in, an economy ministry spokeswoman said on Friday.