Iran to launch offshore rial for transactions with Russia

Maria Novoselova/Vestnik Kavkaza

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.

© Photo :Maria Novoselova/Vestnik Kavkaza