​Russia and Iran want to start making mutual payments in national currencies

Russia and Iran have agreed to increase bilateral trade and enhance cooperation in sharing information on investment projects

Baku. 30 November. REPORT.AZ/The central banks of Russia and Iran are working on developing ways to make mutual payments in national currencies, Russia's Minister of Economic Development Alexey Ulyukaev told reporters Sunday.

"Mechanisms of using national currencies in mutual relations [between Russia and Iran]… that involve lending in national currencies and using contracts in national currencies should be established. The central banks [of both countries] should focus on this, and they have already started working on it," Ulyukaev said.

The minister also noted that the Ministry of Economic Development supports the idea of mutual payments in national currencies, but the time frames have not been discussed yet, informs Report citing SputnikNews.

Ulyukaev emphasized that different dynamics of the currencies' exchange rate and the necessity of close relations between the central banks of both states are the main difficulties that the countries may face.

The main benefits of the mutual payments in national currencies are the absence of charge for the currencies conversion, direct payments and higher transparency in relations between the banks.

Moreover, Russia and Iran have agreed to increase bilateral trade and enhance cooperation in sharing information on promising investment projects. It has also been decided to start communication between the chambers of commerce of the two countries on economic potential and current legislation.

Russia plans to sign contracts with Iran on the export of non-primary goods, including oil and gas equipment, cars, planes, agricultural machinery, Russian Economic Development Minister Alexey Ulyukaev said Sunday.

"We could be moving forward with export of our non-primary goods [to Iran], which is very important and interesting: agricultural machinery, cars, planes, railway cars, trains, machinery, electrical generators, oil and gas equipment, etc.," he told journalists.

Ulyukaev added that during the talks with Iranian colleagues they discussed measures aimed at increasing goods turnover between the countries. He also underscored that there are several planned projects in agriculture, and in logistics. Ulyukaev said that it is possible to use additional transit routes to deliver goods between the countries to complement the existing sea route. He explained that the rail shipping operations are also possible via Azerbaijan, or via Turkmenistan.

"Every transits and transport corridors create opportunities, this is why we are speaking about Azerbaijan now, transit via Turkmenistan is also possible," the minister added.

If you find out orphographic mistake in the text, please select mistaken part of the text and press Ctrl + Enter.

Last added

All news

Orphus sistemi