TEHRAN - The Governor of Central Bank of Iran (CBI), who accompanied Iran's president on a see to Russia, revealed the implementation of the Iran-Russia financial arrangement and the integration of the Mir and Shetab card payment networks.According to IRIB, Mohammadreza Farzin mentioned that the monetary arrangement between Iran and Russia has been operationalized, with the currencies of both nations being settled based upon a mutually concurred commercial exchange rate.Farzin added that another significant initiative in between the two countries, the combination of the Mir and Shetab card payment networks, has actually entered its first phase of implementation.He described that a joint action plan between the central banks of Iran and Russia has been executed under 3 essential areas: The use of nationwide currencies in bilateral trade.The integration of the countries banking messaging systems (SEPAM and SPFS).
The connection of their card payment networks.Farzin highlighted the significance of connecting the big Mir and Shetab card networks, noting that the financial contract with Russia has also been settled.
The settlement rate for this contract is connected to the exchange rate in Iran's industrial exchange market, which has now been established as the basis for transactions.EF/ MA