TEHRAN- The Governor of the Central Bank of Iran (CBI), in a meeting with the Governor of the Central Bank of Russia, emphasized the expansion of banking cooperation, increasing bilateral trade, and strengthening the North-South Corridor.

According to the Public Relations Department of the Central Bank, Abdolnaser Hemmati, in a meeting with Elvira Nabiullina, the Governor of the Central Bank of Russia, said: Iran seeks to strengthen economic and political relations with Russia. 

The Governor of the Central Bank of Russia also emphasized the necessity of creating financial infrastructure independent of third countries and said: The use of national currencies in trade exchanges and the development of banking relations between the two countries can reduce the impact of sanctions on the economies of Iran and Russia. 

Agreement to activate permanent banking committee between central banks of Iran and Russia

At the end of this meeting, the two sides agreed to activate the permanent banking committee between the central banks of Iran and Russia to follow up and accelerate the implementation of joint banking and financial programs.

CBI governor emphasizes strengthening North-South Corridor and developing trade finance for Iran and Russia

During a visit to Mir Business Bank in Russia, the Governor of the Central Bank, emphasizing the strategic importance of developing economic relations between Iran and Russia, called for the expansion of banking cooperation, increasing the capacity for financing bilateral trade, and strengthening the role of this bank in supporting the International North-South Corridor. 

According to IRNA from the Central Bank, Abdolnaser Hemmati, during this visit, referring to the development trend of this bank's activities in recent years, stated: Mir Business Bank has made significant progress compared to the past, and the measures taken in this institution can help complete the supply chain and provide more services to entrepreneurs of the two countries. 

Emphasizing the importance of developing economic relations between Tehran and Moscow, he added: The development of the North-South Corridor must be pursued more seriously. Accordingly, plans to develop the capacities of the northern regions of the country, expand maritime transport, and focus more on supplying goods through the Russian route are on the agenda. 

Referring to the policy of the government of the Islamic Republic of Iran to develop economic cooperation with Russia, the Governor of the Central Bank said: The government's will is to expand bilateral trade, and the banking network will seriously support this path. The volume of exchanges between the two countries has much more capacity for growth, and strengthening financial and banking infrastructure can pave the way for achieving this goal. 

Referring to his negotiations with the head of the Central Bank of Russia, Hemmati said: We expect Russian banks to cooperate more in opening letters of credit for Iranian parties so that mid-term financing and facilitation of imports of needed goods can be provided. In return, the development of Iran's exports to the Russian market will also be pursued. 

He assessed the role of Mir Business Bank as important in developing economic relations between the two countries and added: This bank has taken effective measures over the past years and can serve the expansion of trade and financial relations between Iran and Russia more than ever. 

The Governor of the Central Bank also emphasized the necessity of observing the professional principles of international banking and risk management and said: Credit decisions must be made solely based on banking regulations and criteria, and any action outside the professional frameworks must be avoided; because risk management is one of the main pillars of sustainability and success of banks. 

In another part of his speech, the Chairman of the Supreme Council of the Central Bank considered increasing the capital of Mir Business Bank as one of the ways to strengthen the position of this bank and stated: Greater participation of Iranian banks and financial institutions in the capital structure of this bank can significantly increase its operational capability and financing capacity. 

At the end, while thanking the managers and employees of Mir Business Bank, he emphasized the Central Bank's support for the development plans of this bank and strengthening its presence in the Russian market. 

A new currency policy has been designed to facilitate trade

The Governor of the Central Bank, in a meeting with a group of prominent Iranian entrepreneurs in Russia, referring to the country's new currency policies, emphasized that the Central Bank's approach is to move towards enhancing the volume of trade between the two countries by utilizing monetary and banking instruments. 

Hemmati said in this meeting: The Central Bank's policy is to move towards the integration of the foreign exchange market, not necessarily making it a single-rate market, and the main goal is to create stability and reduce problems for economic activists in the field of foreign trade. 

The highest-ranking official of the Central Bank also, referring to his meetings and negotiations with Russian officials, said: In these negotiations, emphasis was placed on strengthening policies for developing trade and economic relations between Iran and Russia, and proposals including the use of joint financial mechanisms and currency swaps have also been raised. 

Referring to the importance of facilitating trade finance, he added: The Central Bank is pursuing the resolution of some problems related to opening letters of credit for importers through cooperation with the Russian banking network. 

In another part of his speech, the Governor of the Central Bank, referring to the country's monetary policies, stated: Controlling inflation, preventing the excessive growth of the monetary base, and creating stable conditions in the economy are among the most important priorities of the Central Bank. 

At the end, Hemmati, emphasizing the importance of direct communication with entrepreneurs, said: I insisted on meeting with Iranian entrepreneurs during this trip to hear their issues and problems firsthand and to take action to follow up and resolve them. 

In this meeting, Iranian entrepreneurs present in Russia also raised their views, proposals, and some issues related to financial and trade exchanges, and the Governor of the Central Bank, while answering their questions and concerns, emphasized following up on the raised issues within the framework of banking and economic cooperation between the two countries.

MA