Economy, Business And Markets

Iran-Russia Currency Deal on Hold

Currency Deal Hobbled by Russia Currency Deal Hobbled by Russia

Despite the Central Bank of Iran’s efforts to implement a bilateral currency swap agreement with Russia, the Central Bank of Russia has announced that it does not adhere to the process.

The Russian central bank only issues trade licenses and helps with supervision, according to the CEO of Export Development Bank of Iran.

“The CBI appointed Export Development Bank of Iran as the agent bank to implement the agreement, but the regulations set by the Central Bank of Russia have undermined it,” Ali Salehabadi was quoted as saying by Fars News Agency.

According to the agreement signed in September 2016, the commercial banks of Russia and Iran agreed to pay for bilateral supplies of products in their own national currencies. 

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