Russia and Iran to Develop Joint Banking

Such an institution could significantly boost trade between the two nations

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The Governor of the Central Bank of Iran (CBI) Valiollah Seif and Russian Energy Minister Alexander Valentinovich Novak stressed on clearing obstacles to improve the volume of trade exchange between Iranian and Russian business people, reported the public relations office of CBI after the meeting of the two officials late on Wednesday.

The report added that to ease banking procedures, increase the volume of trade, and solve the problems of the traders of both countries, Seif and Novak agreed upon developing commissioning relations between the banking networks of Iran and Russia.  

They also agreed to open a joint bank of Iran and Russia, but the details were not discussed, according to the same source.

The public relations office of CBI stated that the Russians voiced their willingness to provide credit and finance for projects on developing infrastructures run by both private and public sectors.

The two sides left thorough examination of the proposal to be discussed later by deputy governors of both Iran’s and Russia’s central banks.

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