Russia and Iran plan to expand settlements in national currencies
Trade operations in national banks suggest the expansion of the scope of Russian-Iranian foreign exchange trade, the Iranian news agency reports, citing the speech of the head of the country’s Central Bank, Ali Saleh Abadi.
The head of the Iranian Central Bank noted that Russia and Iran have already switched to mutual settlements in national currencies in some scales of trade. He also recalled that the Tehran Stock Exchange is trading in the rial-ruble currency pair.
“Iran and Russia have already switched to low currencies in some mutually agreed types of settlements. They are conducted in rubles and rials. Naturally, this also applies to other frameworks, ”said Ali Saleh Abadi.
“Tehran and Moscow have long been looking for such a mechanism to replace the US dollar, despite the decisions taken against the adoption of a sharp rejection. The use of Iranian and Russian separate currencies, the rial and the ruble, is one of the priorities on the economic agenda of the administration of Iranian President Ebrahim Raisi,” he added.
Russia is engaged in the transfer of US currency settlements with many of its agents after establishing an unprecedented meeting in relation to countries that relate, among other things, to cash counterparties in dollars and euros. For example, at the end of August, settlements in dollars between the EAEU countries controlled up to 21% in a wide range of transactions, while using the common exchange rate of the EAEU countries when using mutual settlements, 75%.