Iran, Russia sign deal on banking monitoring

Business Materials 15 March 2015 01:51 (UTC +04:00)

Baku, Azerbaijan, March 14

By Khalid Kazimov - Trend:

Iran and Russia have signed a deal according to which the two will monitor shared transactions.

The deal was signed during a visit by a delegation from Iran's Central Bank to Russian counterparts in Moscow.

The Russian side of the meetings, which were held from March 10 to 12, announced that it had formed a workgroup last month in order to investigate ways into more active cooperation with Iran, Fars news agency reported March 14.

It added that the Iranian side also had launched a similar workgroup.

Iranian Ambassador to Russia Mehdi Sanai who attended a working lunch with the two banking delegations, described the ability to use a shared bank account as a positive experience in Iran-Russia trade relations.

Also, during their stay in Russia, the Iranian delegation visited the Mir Business Bank headquarters.

Iran and Russia are planning to create a general account for settlement in national currencies, Sanai said in an interview with RIA Novosti on January 27.

"Both sides intend to create a general bank or an account to make payments in rials and rubles," he said. "It was also agreed to establish a working group," he noted.

With the partnership between Iran's Bank Melli Currency Exchange and Russia's Mir Business Bank, currency exchange between Iran and Russia resumed on February 4.

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.