Russia’s Mir payment network and Iran’s Shetab payment system were connected in a ceremony on Monday, as the two countries are increasing their financial cooperation.
Addressing this ceremony, Central Bank of Iran Governor Mohammad-Reza Farzin mentioned integration of the two countries’ banking subsystems as a big step towards creating integrated economic cooperation in the region, completing the de-dollarization process and facilitating economic and tourism relations between Iran and Russia. By connecting the national payment networks of the two countries, the borders of electronic payments will be removed and a new chapter will begin in the economic and cultural cooperation of the two nations, the official emphasized.
He said: “The project that we are witnessing its inauguration today, started with the aim of creating integration in the payment networks and facilitating financial transactions between the citizens of the two countries.”
Emphasizing that this project is divided into three phases and in each phase, an important step is taken towards the realization of the final goal, the CBI governor said: “The first phase of this project, which was put into operation at the end of September and will be unveiled today, provides the possibility of using bank cards of Iran, which are under Shetab network, in Russian ATMs for tourists. In this way, now Iranian tourists can easily receive ruble notes from Russian ATMs using the riyal balance of their Shetab cards.”
Farzin further emphasized that the next phases of this project will be unveiled soon with wider facilities and services.
In early July, the CBI governor said a monetary contract has been signed between Tehran and Moscow for carrying out bilateral trade exchanges.
Farzin told reporters that he and his Russian counterpart had a meeting in Saint Petersburg last Thursday where they finalized agreements already signed between the two countries. During the meeting, the chief bankers of Iran and Russia also signed a memorandum of understanding (MOU) on joint measures to be taken by the two countries for the expansion of economic and monetary ties.—Tehran times
