Russia and Iran agree on all stages of integration of national payment systems

Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin took part in the Financial Congress in St. Petersburg and held talks with the head of the Central Bank of Russia Elvira Nabiullina. "During the meeting, the two sides finalised the requirements to connect Russia's Mir payment system to Iran's Shetab and this project has entered the operational phase," Farzin said.

As explained by the head of the Central Bank of Iran, the integration is expected to take place in three phases. This is reported by IRNA, a partner of TV BRICS.

At the first stage, which will begin at the end of August, bank cards of the Iranian Shetab network can be used in all Russian ATMs in the form of a smart card, and Iranian citizens will be able to withdraw roubles from their accounts at Russian ATMs. 

The second stage provides for the connection of the system for the benefit of Russian citizens in Iran. 

At the third stage, Iranian Shetab cards will begin to be processed in Russian shops.

The Iranian side also proposed uniting the national payment systems of the BRICS countries along the lines of Mir and Shetab, said Nasser Kanaani, spokesman for the republic's Foreign Ministry.

The sides also signed an agreement on liquidity of national currencies to facilitate bilateral trade. The head of the Iranian Central Bank said it will increase the volume of trade turnover and the number of transactions between the two countries.