Iran announces that the use of the rial and the ruble will be extended in its bilateral trade with Russia.
Published on 29.8.2022
TEHRAN : Iran’s Central Bank Governor Ali Salehabadi announced on Sunday that Tehran and Moscow will expand the use of their respective national currencies to new areas in their bilateral trade, according to the semi-official news agency. Fars official.
The governor said that the use of national currencies in Iran’s bilateral trade with other countries was among the priorities of President Ebrahim Raisi’s administration. This project began with the launch of trading in Iranian rials and Russian rubles in July.
He noted that Iran and Russia have already started trading using the rial-ruble pair in a number of bilateral markets, and its use will gradually be extended to other areas.
In late July, Salehabadi said the Tehran Stock Exchange had started trading rials and rubles, according to the official IRNA news agency.
He pointed out that in view of the current global circumstances, in which major currencies are used as political tools by hegemonic powers, the use of local currencies in bilateral and multilateral commercial transactions could be an effective solution to neutralize the measures of coercion used by great powers to dominate other countries.
Iran and Russia are both targeted by Western sanctions initiated by the United States. Russia will gradually abandon the US dollar in its trade with Iran, Kremlin spokesman Dmitry Peskov said earlier.