Iran-Russia monetary agreement implemented, bank networks connected

TEHRAN – The Governor of Central Bank of Iran (CBI), who accompanied Iran’s president on a visit to Russia, announced the implementation of the Iran-Russia monetary agreement and the integration of the Mir and Shetab card payment networks.

According to IRIB, Mohammadreza Farzin stated that the monetary agreement between Iran and Russia has been operationalized, with the currencies of both nations being settled based on a mutually agreed commercial exchange rate.

Farzin added that another major initiative between the two countries, the integration of the Mir and Shetab card payment networks, has entered its first phase of implementation.

He explained that a joint action plan between the central banks of Iran and Russia has been executed under three key areas:

The use of national currencies in bilateral trade.

The integration of the countries’ banking messaging systems (SEPAM and SPFS).

The connection of their card payment networks.

Farzin highlighted the significance of connecting the large Mir and Shetab card networks, noting that the monetary agreement with Russia has also been finalized. The settlement rate for this agreement is tied to the exchange rate in Iran’s commercial exchange market, which has now been established as the basis for transactions.

EF/MA