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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07/01/2018The Iranian media have been reporting for the past week that changes in the economic team of President Hassan Rouhani’s administration are expected, after forex, gold coin and housing woes... -
07/01/2018A high-level Iranian economic delegation met with top executives of Bank Sohar, Oman’s fourth largest bank by assets, in Muscat on Thursday to explore ways to step up bilateral ties. The meeting... -
07/01/2018The three group-stage matches of Iran’s national football team, known as Team Melli, against Morocco, Spain and Portugal in 2018 FIFA World Cup Russia. Iran’s world cup matches attracted vast,... -
07/01/2018The average Producer Price Index in the 12 months ending June 21, which marks the end of the Iranian month of Khordad, increased by 12% compared with last year’s corresponding period, the latest... -
07/01/2018The Majlis Economic Commission has put in motion three plans to improve the country’s economic conditions, all of which concern the ailing banking system and will materialize in a matter of months... -
06/30/2018Tehran Stock Exchange’s main index gained 203.39 points or 0.18% on Saturday to end trading at 111,528.2. About 1.19 billion shares valued at $70.44 million changed hands at TSE for the day.... -
06/30/2018The Financial Action Task Force decided once again to suspend its counter-measures against Iran and provide relief to the administration of President Hassan Rouhani, which has been strenuously... -
06/30/2018A pulp and paper processing factory in Aliabad-e Katul in the northeastern province of Golestan was launched on Thursday. Built on an investment of 300 billion rials ($7.14 million), the new... -
06/30/2018The government and the Central Bank of Iran have made good progress and will soon implement a previously-announced and much-anticipated multilateral debt swap agreement that will see the clearance... -
06/30/2018If India believed that just like the first round of Iran sanctions, it could negotiate a softer... -
06/30/2018Based on a joint scheme launched by the Security and Exchange Organization and the Central Bank of Iran, gold coin presale bonds can be traded in the bourse from Sunday, which can also be sold as... -
06/30/2018After nine consecutive days of growth, stocks pulled the breaks last week and price corrections ensued. Positive signals such as rising money supply in the stocks market and constructive... -
06/30/2018Chinese enterprises will not pull out of Iran after US sanctions kick in, but they may face a tough... -
06/30/2018Ratings agency Capital Intelligence Ratings (CI Ratings) says in a recent report on Iran’s insurance industry that growth in premiums has looked strong in the nominal view in recent years, but less... -
06/30/2018Customers from the Middle East continued to show interest in Iranian billet despite the high... -
06/30/2018Former Bank Melli CEO and president of Central Insurance of Iran, Abdolnasser Hemmati, chaired a board of directors’ meeting of Asian Reinsurance Corporation in Bangkok, Thailand, on Friday. During... -
06/28/2018Tehran stock market investors had a good run in the current fiscal year's first quarter (March 21-June 21). The market yielded more than half of what it gained in the entire last fiscal year and... -
06/28/2018More than 1.64 billion transactions with a total value of 1.78 quadrillion rials ($41.85 billion) were registered by Shaparak, the Central Bank of Iran-affiliated entity in charge of the country's... -
06/28/2018After the government finally decided to recognize a "secondary" foreign exchange market where the US dollar can be traded at a rate other than the official unified rate of 42,000 rials, it is now... -
06/28/2018Tehran’s Grand Bazaar showed signs of returning to normal on Tuesday. On the same day, Iran’s Judiciary Chief Ayatollah Sadeq Amoli Larijani denounced as “treason against the state and nation”... -
06/28/2018Iranian Mines and Mining Industries Development and Renovation Organization plans to establish $340 million worth of copper projects during the second half of the current fiscal year (starting Sept... -
06/28/2018After a tumultuous second Iranian month, Tehran's housing market became calmer in the third month that ended on June 21 in terms of home deals, but registered a whopping 45% annual growth in terms... -
06/28/2018Iran’s Bank of Industry and Mine provided €994 million in letters of credit over the three-month period ending June 21 to fund three industrial projects. Of this amount, €482 million were allocated... -
06/28/2018Tehran Stock Exchange’s main index lost 2,202.88 points or 1.94% on Wednesday to end trading at 111,324.8. About 2.28 billion shares valued at $138.47 million changed hands at TSE for the day.... -
06/27/2018The Iranian government has finally reached an agreement on amending the country’s construction engineering law by approving its general outlines, the rapporteur of Majlis Development Commission...
