Iran, Russia not yet using rial/ruble exchange for trade
Tehran, Iran, November 2
By Mehdi Sepahvand - Trend:
Iran and Russia have not yet implemented their agreement to settle a rial/ruble exchange instead of using the US dollar for trade, Assadollah Asgaroladi, member of Tehran Chamber of Commerce said.
He said although the Central Bank of Iran and its Russian counterpart have signed an agreement to discard the US dollar, the two countries are not implementing it, Mehr news agency reported November 2.
“The two countries have to more devoutly pursue the banking agreement in order to facilitate mutual trade,” he said.
In December 2015, Denis Manturov, Russian Industry and Trade Minister, said that Iran and Russia can start the settlements in national currencies.
"We do not rule out the ruble-rial settlements, taking into account that the trade volumes will grow, and, accordingly, the Iranian banks will have Russian rubles," he said. "They will be able to pay for our goods."
Iran’s export to Russia in the previous Iranian fiscal year (which ended March 19) reached $173.5 million. Iran in the meantime imported $530 million from Russia.
During the first half of the current Iranian year, Iran’s import from Russia grew by 171 percent year on year.