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.
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07/04/2018A special committee has been established to accelerate medicine import to Iraq and circumvent international procedures for the registry of pharmaceutical products. The committee comprises the vice... -
07/04/2018ATR has applied for a new export license from the US Treasury Department’s Office of Foreign Assets... -
07/04/2018Day Bank returned to trading after a two-year hiatus on Monday, as its shares lost half of their value in a single day. “BDYZ”’s opening price dropped 50% to about 700 rials from its July 19, 2016... -
07/04/2018Tehran will soon benefit from the government’s plan to revitalize urban areas as a significant portion of its 22 districts comprise distressed urban areas, the head of Tehran Management and... -
07/04/2018Tehran Stock Exchange’s main index gained 2,409.37 points or 2.19% on Tuesday to end trading at 112,346.5. About 1.47 billion shares valued at $95.12 million changed hands at TSE for the day.... -
07/03/2018Tehran Stock Exchange’s main index gained 1,242.97 points or 1.14% on Monday to end trading at 109,937.1. About 951 million shares valued at $67.45 million changed hands at TSE for the day.... -
07/03/2018Aziz Ahmad is one of the unlikely winners of the standoff between the United States and Iran, turning... -
07/03/2018Gold deposits discovered in Iranian mineral zones have added 40 tons to the country’s reserves, deputy minister of industries, mining and trade said on Monday. “New reserves have been discovered in... -
07/03/2018A total of 38,101 deals worth more than 64.05 quadrillion rials ($1.51 trillion) were conducted in Iran's interbank market during the previous fiscal year that ended on March 20, 2018, the Central... -
07/03/2018The initiative to reform the country’s banking system is in its final stage with financial stability being at the core of the measures, the vice governor of the Central Bank of Iran said. Akbar... -
07/03/2018Iran Privatization Organization has sold 1.02 trillion rials ($24.4 million) worth of state-owned assets via tenders so far this fiscal year (started March 21). About 285 billion rials ($6.7... -
07/03/2018The average price to earnings ratio of Tehran Stock Exchange-listed companies stood at 6.64 for the first quarter of the current fiscal year (March 21-June 21). The ratio has grown 3.1% compared... -
07/03/2018Prospective homebuyers who tap into the homeownership initiative launched by Bank Maskan, the agent bank of the housing sector, will soon have the option of making a pre-purchase, the chief... -
07/03/2018Candidates attending international exams are eligible to apply for foreign currency at the official rate, the Central Bank of Iran said in a letter to the National Organization of Educational... -
07/02/2018Iranian Mines and Mining Industries Development and Renovation Organization inaugurated 23 mineral projects worth $2.3 billion in collaboration with the private sector last fiscal year (March 2017-... -
07/02/2018Shiraz International Airport saw a 12% rise in the number of flights during the first three months of the current Iranian year (March 21-June 21) compared with last year’s corresponding period.... -
07/02/2018There has been a substantial growth in the value of coverage provided by Mining Investment Insurance Corporation to investors in the mining sector in the previous Iranian year (ended March 20, 2018... -
07/02/2018Iran's First Vice President Es'haq Jahangiri has sent a directive to all ministries and other related entities, which requires exports to significantly accelerate the process of repatriating their... -
07/02/2018Tehran Stock Exchange’s main index lost 2,834.12 points or 2.54% on Sunday to end trading at 108,694.1. About 1.56 billion shares valued at $93.97 million changed hands at TSE for the day.... -
07/02/2018Given the key parameters of Iranian economy, inflation rates of above 20% are not improbable for the current fiscal year (March 2018-19), Iranian economist and university lecturer, Vahid Shaqaqi-... -
07/02/2018The Central Bank of Iran on Sunday published the full list of companies that have received foreign exchange for imports at the preferential rate of 42,000 rials. The move comes after public... -
07/02/2018Iran now has about four months to pass legal measures through parliament to would address shortcomings vis-à-vis the Financial Action Task Force’s action plan for the country, but reformists are... -
07/01/2018The Organization for Economic Cooperation and Development (OECD) downgraded Iran's rating in the country risk classifications -
07/01/2018Iran’s non-oil trade with Persian Gulf littoral states, namely the UAE, Iraq, Kuwait, Qatar, Bahrain and Saudi Arabia, amounted to $23.89 billion in the last Iranian year (ended March 20, 2018),... -
07/01/2018US Ambassador to the United Nations Nikki Haley on June 27 told India’s Prime Minister...
