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Iranian banker: Iran, Russia establish banking ties

Finance Materials 17 September 2019 14:44 (UTC +04:00)

Baku, Azerbaijan, Sept. 17

By Elnur Baghishov - Trend:

Iran and Russia have established banking ties via an electronic banking mechanism used in the Russian banking system and the System for Electronic Payment Messaging (SEPAM) of the Central Bank of Iran, as stated by the Governor of the Central Bank of Iran Abdolnaser Hemmati, Trend reports referring to Tasnim News Agency.

According to him, the SWIFT network is not needed for establishing this banking connection.

He added that this system could be used for trade exchanges between the member states of the Eurasian Economic Union (EAEU).

"This system can help greatly increase the trade turnover between Iran and the member states [of the EAEU]," he said.

An Interim Agreement enabling the formation of a free trade area was signed between the EAEU and Iran. The agreement is set to take effect in October.

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