Iran, Russia sign agreement to provide national currencies

Russia and Iran signed the first agreement to provide national currencies in commercial transactions between them and to complete the process of linking the “Mir” payment system to the Iranian “Shtab” system network to be ready for implementation in a few weeks.

The Governor of the Central Bank of Iran, Mohammad Reza Farzin, said that “the infrastructure for the agreed-upon transactions in foreign Iranian rials has been completed at the currency exchange center.”

Farzin indicated that “in a future meeting with the Governor of the Russian Central Bank, Elvira Nabiullina, all requirements for linking the payment network via the Russian “Mir” card to the Iranian “Shtab” payment system will be completed, and the first phase of this project will be implemented so that the integrated network will be available for use by Iranian citizens by the end of next August.”

Almaalomah.me