Iran to establish rial accounts for Russian banks
Iran says it plans to establish joint rial accounts for Russian banks in Iran. This, the country says, is part of a policy to boost trade between the two countries.
“Representatives from two Russian banks visited Tehran last week and discussed the matter with officials from the Central Bank of Iran (CBI),” said Mehdi Sanai, Iran's ambassador to Moscow.
“Once the CBI gives its approval, the Russian banks will have joint rial-based accounts in Iran,” Sanai told IRNA.
He further added that the mechanism will enable Iranian exporters to receive payments in rials for their exports to Russia. This, the Iranian envoy said, will be carried out through Mir Business Bank – the Moscow-based offshoot of Bank Melli Iran (BMI).
Accordingly, he said, the related arrangements have already been made during a recent visit by BMI board to Moscow and BMI has already activated its currency exchange office in the Russian capital.
Iran had earlier announced that a mechanism had become operational to enable its exporters to transfer payments in rubles from their Russian clients to Iran through the Mir Business Bank. This was part of a policy between two countries to ditch the dollar and trade in local currencies. Both have been targeted by a series of draconian US-engineered sanctions and want to use the above mechanism to reduce the effects of the sanctions.
Iran also says it is preparing to start a similar local currency trade plan with Turkey as well as Iraq.
AA/AA
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