Economy, Business And Markets

Ruble-Rial Swap on Hold

Ruble-Rial Swap on Hold Ruble-Rial Swap on Hold

It would take more time for Iran and Russia to initiate a currency swap, said Ghadir Ghiafeh, vice chairman of Iran-Russian Chamber of Commerce, on Tuesday. He said although both countries are firm in their decision to do so, there might be a delay in launching the agreement, mainly because both the ruble and the Iranian currency are weak at the moment, and the two countries’ economies are dependent on the US dollar and oil revenues, quoted him as saying. Tehran and Moscow unveiled plans for a currency swap agreement on January 2015. Iran has been trying to curb its dollar transactions since the imposition of economic sanctions a decade ago and gradually replace the greenback with the Chinese yuan, euro, Turkish lira, Russian ruble, and South Korea’s won.