Iran proposes to connect national payment systems of BRICS countries

Iran proposes to connect the national payment systems of the BRICS countries, the Iran Foreign Ministry spokesperson, Nasser Kanani, said on Monday, News.Az reports citing foreign media.

Kanani noted that Iran and Russia have already completed connected payment systems through the central banks of the two states.

“The necessary conditions have been created to transfer trade payments to national currencies, we continue to talks, at which Iran expressed its proposal to the Russian side - to extend this mechanism for the BRICS countries. The Russian side views this proposal positively,” the diplomat added.

On July 4, Governor of the Central Bank of Iran Mohammadreza Farzin held negotiations with Governor of the Bank of Russia Elvira Nabiullina in St. Petersburg. On July 6, he said that at the meeting the parties noted the completion of work on integrating the Russian payment system Mir and the Iranian payment system Shetab and also signed an agreement on providing liquidity to national currencies for commercial transactions.

According to the head of the Central Bank of Iran, from August 22, Iranians will be able to withdraw rubles from Shetab smart cards at all Russian ATMs. It is planned that in the next stages of the project Russians will be able to use Mir cards in Iran and Shetab owners will be able to pay for purchases in Russian stores with Iranian bank cards.

News.Az