Iran, Russia agree to expand financial cooperation

The Governor General of the Central Bank of Iran (CBI) Mohammadreza Farzin has announced Iran's extensive agreements with Russia in the financial and monetary fields, Report informs via Mehr.

In an interview with Russia Today on Monday, Farzin announced positive agreements between Iran and Russia in connecting card networks and monetary cooperation.

"At the BRICS summit, the issue of using local currencies to pay transactions was raised, and good agreements were reached in this regard," he said.

He added that agreements were also reached on global reserve payments and the use of bonds for payments.

Referring to the current structure of the global financial system, which is based on the International Monetary Fund and the World Bank, Farzin noted, "Due to political challenges with Western countries, the world is looking for new arrangements, and BRICS is a platform for achieving these goals."

Farzin also announced that China, Russia, and Iran are interested in reducing the role of the dollar in international trade, adding that Iran and other BRICS countries are looking to conduct transactions using local currencies, and significant progress has been made in this regard.

Referring to the new BRICS Development Bank, he said, "This bank can pursue the development goals of its members, and we are also trying to become a member of this bank. The World Bank mainly works in line with the goals of Western countries, and BRICS can be an effective alternative in this area."