Economy, Business And Markets

Iran Moving Int'l Settlements to Russia, Turkey

Iran Moving Int'l Settlements to Russia, TurkeyIran Moving Int'l Settlements to Russia, Turkey

The Central Bank of Iran has recently decided to move international settlements from Persian Gulf states to Russia and Turkey, said the governor of CBI.

"The decision is aimed at facilitating banking services and international clearance," Valiollah Seif was also quoted as saying by Mehr News Agency.

The CBI chief noted that international settlements was handled in Persian Gulf countries due to their easy processing and close proximity.

"Under the current circumstances, the settlement will be divided between a number of countries," he added.

Seif noted that a part of international settlements will take place in Turkey while the rest will be processed through countries that have not worked with Iran before.

"There have been negotiations with Russians to handle some settlements through them and their banks are gradually adjusting to the required systems," he said. 

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