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Russian-Iranian currency swap agreement is 'a success in de-dollarization' — politician

"The parliaments of the BRICS member states should make every effort to deepen cooperation in creating routes for money transfers and developing trade corridors for the exchange of goods and services between the BRICS countries," Mohammad Bagher Ghalibaf said

ST. PETERSBURG, July 11. /TASS/. The Russian-Iranian currency swap agreement has become an example of effective cooperation on the path to de-dollarization, Speaker of the Iranian Parliament (Majlis) Mohammad Bagher Ghalibaf said at the plenary meeting of the 10th BRICS Parliamentary Forum.

"The recent financial agreement between Iran and Russia is a successful example of cooperation between the two countries in the field of de-dollarization. The parliaments of the BRICS member states should make every effort to deepen cooperation in creating routes for money transfers and developing trade corridors for the exchange of goods and services between the BRICS countries," he said.

On July 6, the head of the Central Bank of Iran, Mohammad Reza Farzin, announced that during his visit to St. Petersburg, where on July 4 he met with the Chairman of the Bank of Russia Elvira Nabiullina, an agreement on a currency swap had been signed, thanks to which the parties gain access to liquidity in the currency of another country without having to purchase it on the foreign exchange market. Farzin also informed that the integration of the Russian payment system Mir and the Iranian Shetab has been completed. According to him, in the near future, Shetab owners will be able to pay for purchases with an Iranian bank card in Russian stores, and Russians will be able to use Mir cards in Iran.

The 10th BRICS Parliamentary Forum takes place on July 11-12 at the Tauride Palace in St. Petersburg.

The BRICS group was founded in 2006 by Brazil, Russia, India and China. South Africa joined the association in 2011. On January 1, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia became full members of BRICS. This year Russia chairs the association. The main event will be the BRICS summit from October 22 to 24 in Kazan.

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