Iran and Russia implement monetary agreement and connect banking networks

Iran and Russia have officially operationalised a groundbreaking monetary agreement, including the integration of their national card payment networks, Mir and Shetab.

This announcement was made by Mohammad Reza Farzin, Governor of the Central Bank of Iran, during his visit to Moscow accompanying Iran's president.

Farzin confirmed that the monetary pact is now in effect, with bilateral trade transactions settled using a mutually agreed commercial exchange rate. This development aims to strengthen financial cooperation between the two nations, facilitating smoother trade and financial exchanges.

A major milestone under this agreement is the connection of Iran’s Shetab and Russia’s Mir payment networks, as reported by Tehran Times, a partner of TV BRICS.

Farzin stated that the first phase of this integration has been successfully launched, providing seamless payment solutions for citizens and businesses in both countries.

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