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Iran proposes to connect BRICS payment systems — Foreign Ministry

"The Russian side views this proposal positively," Nasser Kanani said

DUBAI, July 8. /TASS/. Iran proposes to connect the national payment systems of the BRICS countries, following the example of the integration of Russia's Mir and Iran's Shetab systems, according to spokesperson for the Ministry of Foreign Affairs of the Islamic Republic Nasser Kanani.

"In addition to the fact that at the bilateral level Iran and Russia completed connecting national 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 said at a press conference broadcast by the IRIB TV channel.

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.

Russia’s Mir payment card is accepted in 12 countries. In addition to Russia, it works without restrictions in Abkhazia, Belarus, Cuba. and South Ossetia. Egypt, Iran, Mauritius, and Myanmar are planning to introduce Mir into operation. Six other countries are willing to engage in a dialog on its use.