Two Russian banks to open rial-based accounts in Iran

Business Materials 4 May 2015 13:36 (UTC +04:00)

Baku, Azerbaijan, May 4

By Fatih Karimov - Trend: Two Russian banks will open rial-based accounts in Iran in a bid to facilitated bilateral trade, Iran's Ambassador to Russia Mehdi Sanaei, said.

He added that with the consent of the Central Bank of Iran, rial-based accounts will be opened for a number of Russian banks in Iran, Iran's Fars news agency reported May 4.

Last week, representatives of two Russian banks traveled to Iran and negotiated with officials of the Central Bank of Iran in this respect, he noted.

The two countries have taken three steps to boost banking relations, he said, adding that the exchange of currency between Tehran and Moscow is now possible thanks to the cooperation of the two countries' banks.

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.

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

Sanaei went on to say 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.

Non-oil trade between Iran and Russia amounted to about $963.6 million in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.

Iran exported $296.5 million of non-oil goods to Russia and imported $667.1 million of non-oil goods from Russia.

Edited by CN