Iran-Russia plan to use national currencies for bilateral trades not finalized yet
Tehran, Iran, Oct. 22
By Milad Fashtami - Trend:
Head of Iran-Russia Joint Chamber of Commerce Assadollah Asgaroladi said that the plan to use the two country's national currencies - rial and ruble - instead of the U.S. dollar for bilateral trades has not been finalized yet.
"The central banks of the two countries are studying the plan," he said, Iran's ISNA News Agency reported on Oct. 22.
He went on to note that if the two countries approve the plan, bilateral trades would boost significantly.
"Iran's exports to Russia have been on the rise after signing a memorandum of understanding last month.
"Currently due to the high cost of custom's tariffs in Russia, Iranian businesspersons export some goods to Moscow through Georgia, Kazakhstan, and Azerbaijan to avoid paying tariffs," he added.
Asgaroladi said on Sept. 30, that a Russian bank is supposed to establish a branch in Tehran, transferring the money to businesspersons at the exchange rate of free market, Iran's Mehr News Agency reported.
"The bank will transfer the money in 3-5 days," he said.
"Bank Melli of Iran's branch in Moscow will also help transfer money between the two countries' businesspersons," he noted.
Head of Tehran Chamber of Commerce Yahya Al-e Es'haq said on September 22 that Tehran and Moscow plan to launch a joint bank in near future.