Iran to launch offshore rial for transactions with Russia

The Central Bank of Iran intends to launch an offshore rial in the near future, which will be used for transactions with Russia.

"The idea of ​​an offshore rial is being developed... We will launch the first (project - ed.) of an offshore rial (in transactions) with Russia soon",

the Head of the Central Bank of Iran, Mohammad Farzin, said.

The launch will make it possible to make cross-border payments in national currency.

Earlier this week, Iran introduced the digital rial into public circulation. It allows one to pay for purchases and transfer funds by scanning a special barcode. The Iranian digital currency is currently undergoing extensive testing on the main Iranian tourist island of Kish.