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Iran, Russia to establish joint bank for mutual trades: envoy

Xinhua, January 28, 2015 Adjust font size:

Iran and Russia are mulling a joint bank to settle their mutual payments in their mutual trades, Press TV reported quoting Iran's ambassador to Russia as saying on Tuesday.

"Both sides plan to create a mutual bank or a mutual account to make payments in (Iranian) rials and (Russian) roubles," ambassador Mehdi Sanaei said.

Sanaei's remarks come two days after Gholamali Kamyab, the deputy governor of the Central Bank of Iran (CBI), saying Iran plans to sign "bilateral monetary treaties" with some countries.

Iran is not using the dollar "in its transactions with different countries," Gholamali Kamyab said, adding that "Iran is using other currencies like China's yuan, Turkey's lira, Russia's rouble and South Korea's won in its trade transactions with the countries."

Relations between Iran and Russia "are actively developing" and last year was "a very fruitful year" for both Tehran and Moscow in this regard, Mehdi Sanaei was quoted as saying. Endit