Iran and Russia merge banking systems

The memorandums of interbank cooperation signed with Russia will soon be put into practice, the Iranian Central Bank's Governor, Ali Salekhabadi, said after talks in Moscow on July 7-8.

"We will implement the memorandums of intent signed during this trip in the near future. And then traders, businessmen and economists will see the results of these agreements", TASS quoted the head of the regulator.

At the same time, Salekhabadi stressed that there are currently a number of unresolved issues in the interbank sector. Thus, he announced the need to deal with the issue of the bank cards issued by financial institutions of Iran and Russia use on the territory of both states. According to him, "in the future Tehran and Moscow will be able to link" their banks through a suitable for the countries interbank system for transferring information and making payments, similar to the SWIFT system widely used in the world.

In conclusion, Salekhabadi added that the memorandums signed in Moscow "will strengthen the developing economic and energy ties between Iran and Russia".