Iran and Russia Officially Connect Banking Payment Systems
According to reports from the Islamic Republic News Agency, Iran and Russia have officially linked their banking payment systems on November 11th. The Governor of the Central Bank of Iran, Farzin, stated that this collaboration is a significant step for both countries to reduce their reliance on the US dollar and to enhance bilateral economic cooperation. Last December, the central bank governors of both nations met in Russia and agreed to conduct commercial transactions using their own currencies instead of the US dollar.
The connection of the banking payment systems between the two countries is set to be implemented in phases.
Phase one allows Iranian citizens to use their Iranian bank cards to withdraw rubles from ATMs in Russia.
Phase two enables Russian citizens in Iran to use their Russian bank cards to withdraw Iranian rials from ATMs.
Phase three will permit Iranian citizens to use their domestic bank cards for shopping at Russian stores.
The Governor of the Central Bank of Iran, Farzin, and other dignitaries attended the ceremony held in Tehran. As reported by the Fars News Agency, Farzin emphasized at the event that this partnership is a crucial move for both nations to diminish their dependence on the US dollar and to foster mutual economic collaboration.
Experts in Iran view the connection of Iran and Russia's banking payment systems as a milestone in economic cooperation between the two countries and a significant stride towards de-dollarization.
Dr. Salighi, an Iranian economist, commented on the importance of this development, stating: "The significance lies in making it a priority for countries, but it requires extensive technical work. After all, the SWIFT and the US dollar system have been operating for about 82 to 83 years, with hundreds of thousands of financial institutions connected worldwide. Now, we want to propose an alternative, which necessitates highly complex technical work. This technical work requires funding, and most importantly, it needs to be prioritized at the national level."
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