Central Bank of Iran (CBI) Governor Mohammad Reza Farzin said on Monday that Iran and Russia also have financial settlement agreements in place to avoid using the dollar-based SWIFT banking system.
“We have a currency agreement with Russia, and we do not use the dollar in our bilateral relations,” Farzin told reporters after a ceremony to begin linking Iran and Russia’s payment systems.
Iran and Russia are subject to a series of sanctions by the United States and Western allies, imposing restrictions on their access to international banking and financial services.
The two have already used Iranian financial messaging service Sepam to circumvent SWIFT.
The link between the two countries’ payment systems, achieved on Monday, will allow Iranian bank card holders to withdraw cash from automated teller machines in Russia.
According to reports, the second phase of the project will allow similar access for Russian cardholders in Iran, and the third phase will allow Iranians to use POS machines located in Russia for shopping and other services. It is said that it will become.
Farzin said Iran is trying to link its Shetab system with other countries’ payment services.
“We are also making plans for other countries in this regard, but it is not possible to identify them in the current situation,” the CBI director said.
MA/Press TV
