BAKU, Azerbaijan, May 13. Iran is working to establish a secure structure for banking relations with BRICS member countries as well as neighboring states, said the Governor of the Iranian Central Bank (CBI) Mohammad Reza Farzin, Trend reports.
Speaking today at an event held in Tehran marking the launch of the second phase of banking cooperation between Iran and Russia, Farzin noted that just as Iran has strengthened banking ties with Russia, it is also taking steps to develop similar relations with other regional countries, with preparatory work already underway.
He emphasized that the launch of this second phase is a result of cooperation between Iran and Russia. The integration of Iran’s SEPAM and Russia’s SPFS (Financial Messaging System of the Bank of Russia) messaging systems, the removal of SWIFT (Society for Worldwide Interbank Financial Telecommunication) from bilateral banking operations, the establishment of interbank cooperation, and the creation of a payment and credit system are all joint projects between Tehran and Moscow.
Farzin further stated that linking Iran’s Shetab system with Russia’s Mir system is another step toward deepening bilateral financial relations. This enables citizens of both countries to access banking services during mutual visits without needing to rely on globally issued payment cards.
The second phase of banking cooperation between Iran and Russia was launched today on a trial basis. Under this phase, Russian citizens will be able to use point-of-sale terminals in Iran for purchases.
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