Russia is looking to establish a regional payment network in the foreseeable future and Iran can become a member if it meets the technical requirements, the chief executive of Informatics Services Corporation said.
On Monday, ISC chief Aboutaleb Najafi discussed the issue of integrating the payment systems of Iran and Russia, and the reasons behind the delay in the much-anticipated scheme for several months. In doing so, he spoke of a much larger plan that could benefit Iran by sidelining the US dollar and combating sanctions.
Iran first announced in mid-May 2017 that it has reached an agreement with Russia to integrate their bank card systems, which would facilitate payments and boost tourism. The plan was originally slated for August 2017, but suffered from several delays.
Referring to the scheme, Najafi said Iranian bank cards are magnetic, whereas the Russians employ smart cards with chips.
Business And Markets
Iran Business And Markets News, Get the latest business news about Iran including banking, stock market, real estate market, steel industry, mining, trade finance, fintech and insurance.
-
07/11/2018First Vice President Es'haq Jahangiri accompanied by Minister of Industries, Mining and Trade Mohammad Shariatmadari inaugurated a development project at Saba Steel Complex in Isfahan Province on... -
07/11/2018Major Iranian steelmakers exported a total of 1.9 million tons of semi-finished and finished steel products during the first quarter of the current fiscal year (March 21-June 21) to register a 10%... -
07/11/2018Bank Maskan said over 326,000 applicants have signed up for a popular mortgage scheme the lender launched three years ago. Down payments required of the applicants under the Housing Savings... -
07/11/2018The secondary foreign exchange market started working in earnest on Tuesday, with reports suggesting that the first trading at a negotiated exchange rate was almost equivalent to that of the open... -
07/11/2018About 6.57 million tons of commodities worth over 161 trillion rials ($3.83 billion) were traded at Iran Mercantile Exchange during the first quarter of the current fiscal year (March 21-June 21),... -
07/11/2018A media delegation from, Russia comprising leading press and broadcast representatives on Tuesday met with managers of Donya-e-Eqtesad Media Group at the company’s head office in Tehran. The... -
07/11/2018German authorities have started investigating an Iranian government plan to fly out hundreds... -
07/11/2018Mouteh Gold Mine has produced 130 kilograms of gold bullion since the beginning of the current fiscal year (March 21), registering a 30% growth compared with last year’s corresponding period, the... -
07/10/2018Tehran Stock Exchange’s main index lost 2.44 points on Tuesday to end trading at 110,849.0. About 749 million shares valued at $46.56 million changed hands at TSE for the day. Trading at TSE and... -
07/10/2018Minister of Industries, Mining and Trade Mohammad Shariatmadari has called for a thorough revision of commercial identity cards in a directive to provincial organizations affiliated to the ministry... -
07/10/2018As uncertainties loom over the way foreign exchange rates will be set in the newly-launched secondary foreign exchange market, a Central Bank of Iran official said "supply and demand" will be the... -
07/10/2018The government is unable to track vacant homes and levy taxes, a setback to its efforts to stop the galloping rise in residential rents, an official with the Ministry of Roads and Urban Development... -
07/10/2018Iran Fara Bourse is set to witness the initial public offering of Binalood Neyshabur Agriculture Company on July 10. The IPO will float 10% or 40 million of the company’s shares, each priced at... -
07/10/2018Tehran stock market's turbocharged rally in recent weeks had many up on their feet and cheering for what seemed like a healthy growth compared to other parallel inflated markets. Government... -
07/10/2018Major European countries party to nuclear negotiations with Iran, such as France, Germany and... -
07/10/2018Bank Maskan, the agent bank of Iran’s housing sector, has released its two-year performance report, which indicates that it funded about one million homes in the fiscal 2016-17 and 2017-18.... -
07/10/2018As the months-long foreign currency and gold coin rally in Iran prevails, mainly due to unyielding speculative activities that have contributed to the decline of the rial, the judiciary has now... -
07/10/2018Tehran Stock Exchange’s main index gained 0.03 points on Sunday to end trading at 110,851.4. About 817 million shares valued at $5.60 million changed hands at TSE for the day. Trading at TSE and... -
07/08/2018Sadad Informatics Corporation, affiliated with Bank Melli Iran, the nation's biggest bank,... -
07/08/2018Three key lawmakers have asked President Hassan Rouhani to significantly limit the multi-tier foreign exchange system based on which a big portion of imported goods receive their hard currency at... -
07/08/2018Governor of the Central Bank of Iran says the monetary regulator is still actively pursuing bilateral currency swap ... -
07/08/2018Withholding products from the market is a punishable offense and it is the duty of supervisory bodies to monitor producers and distributors, and prevent violations, ISNA quoted the president of the... -
07/08/2018Bank Maskan plans to expand a national mortgage scheme in the coming months to cover 700,000 potential applicants, the bank's CEO Abolqasem Rahimi said. "We supplied funds, in the form of property... -
07/08/2018 -
07/08/2018Iran is planning on filling a portion of estimated 25 million job vacancies that will be created in Germany in the next decade, as the population ages and the nation will not be able to find the...
