Oct 4, 2018, 10:35 PM
News Code: 83054750
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Iran, Russia seeking to omit dollar in trade transactions

Moscow, Oct 4, IRNA – Governor of Central Bank of Iran Abdolnasser Hemmati said late Thursday that Iran and Russia are seeking seriously to drop dollar in their trade transactions and use their national currencies.

Talking to IRNA after a meeting with his Russian counterpart, he added that currently, 25 percent of the two countries’ exchanges are conducted via national currencies. “But this is a small figure and we are looking for ways to raise the figure and gradually drop dollar and other currencies in trade exchanges.”

Hemmati further noted that Russia and Iran agreed in Tehran to promote trade volume, but this needs the support of the two countries’ banking systems.

Given the statements of the governor of central bank of Russia, there is no limitation in the way of boosting banking ties between Tehran and Moscow, he said.

“My visit to Moscow came after good talks and agreements between the Iranian and Russian presidents in Tehran, as it was agreed during that meeting that the two countries’ central banks chiefs meet each other for facilitating bilateral financial transactions,” he said.

Describing his meeting with his Russian counterpart as positive, Hematti said that a roadmap for boosting banking cooperation between the two countries was worked out during the meeting.

Based on the roadmap, brokerage ties between the two countries' central banks will improve, he said.

Noting that the two countries’ trade exchanges as the two major neighboring states in the region are low, he added that however the two countries are eager to promote commercial cooperation and President Vladimir Putin is determined to fulfill this.

Iran has been actively looking for ways to drop the dollar as an international trade currency because of the lingering US sanctions and because of the possibility that more may be on the horizon.
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