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Iran, Russia resume banking transactions

Business Materials 4 February 2015 13:58 (UTC +04:00)

Baku, Azerbaijan, Feb. 4

By Fatih Karimov - Trend:

The exchange of currency between Tehran and Moscow is now possible thanks to the cooperation of the two countries' banks, Iran's Ambassador to Russia Mehdi Sanaei said.

Sanaei said that with the partnership between Iran's Bank Melli Currency Exchange and Russia's Mir Business Bank, currency exchange between Iran and Russia has been resumed, Iran's Fars news agency reported on Feb. 4.

Tradesmen can now do their money exchanges through the channel provided by the agreement made between the two banks, Sanaei added.

Sanaei had earlier said that Tehran and Moscow are planning to create a joint Iran-Russia bank in a bid to facilitate bilateral trade using national currencies of the two countries.

The plans came after the two countries decided last year to strengthen their trade ties in 2015 by simplifying the exchange of their national currencies.

Referring to unused capacities of Iran's petrochemical industry, Sanaei said that the Iranian embassy will launch a website in English and Russian languages to introduce Iran's petrochemical projects.

On January 29, Sanaei said Iran and Russia are planning to switch their bilateral trade to national currencies for which the states will create a joint bank or a mutual account.

"Both sides plan to create a joint bank, or joint account, so that payments may be made in rubles and rials and there is an agreement to create a working group [for this]," he added.

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