Tehran, Moscow to facilitate monetary exchanges: TPOI
Iran and Russia have decided to facilitate monetary exchanges, announced Director General of Central Asian, Caucasus and Russian Affairs Department of the Trade Promotion Organization of Iran (TPOI) Rahmatollah Khormali.
The TPOI official noted that in addition to money transfers, both sides have decided to use the capacity of their national currencies, reported Mehr news agency.
Talking on bilateral trade, Khormali said, along with requirements such as compliance with health protocols and standards, completion of infrastructure and the ease of money transfer have also been discussed.
Regarding banking relations between Iran and Russia, the agreements occurred with follow-ups by the TPOI and the Central Bank of Iran (CBI), as the representative of the second largest Russian bank (VTB) will soon open a branch in Iran.
“It was also decided to use the capacity of the Russian bank in a neighboring country to help exchange money, which partially solves the concern of traders in the field of fund transfers.”
Iran’s exports of non-oil products to Russia, the Central Asian and Caucasus states registered an 18 percent growth during the last Iranian year compared to its preceding year, Khormali said last week.
He said the country’s exports to Russia, Central Asia, and the Caucasus topped $3.2 billion in the past Iranian year.
Iran exported $745 million worth of non-oil products to the Russian Federation last Iranian year, recording a 30 percent hike compared to a year earlier, Khormali added.
Russia, the Republic of Azerbaijan, Armenia, Turkmenistan and Uzbekistan were Iran’s first to fifth export target markets in the region in this period, respectively, the official concluded.