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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06/27/2018For the second year in a row, most Iranian industries experienced continuous growth for each quarter of the previous fiscal year (March 2017-18), the latest data on Industrial Production Index for... -
06/27/2018Delegates from 30 countries in the Asia-Pacific region convened in the central city of Da Nang, Vietnam to discuss postal regulations and expand regional relations. The Asian-Pacific Postal Union... -
06/27/2018The average goods and services Consumer Price Index for urban areas in the 12 months ending June 21, which marks the end of the Iranian month of Khordad, increased by 9.4% compared with last year’s... -
06/27/2018Tehran Stock Exchange is set to witness initial public offerings for two entities: a petrochemical company and an agricultural enterprise over the next two weeks, TSE's listing manager announced on... -
06/27/2018Members of Iran's Parliament convened a plenary session on Tuesday and ratified several articles of the amendments to the country's combating financing of terrorism law presented by the... -
06/27/2018Bank Pasargad has joined the Association of Iranian Banks in Europe, an independent body established in Frankfurt, Germany, about a year ago to facilitate banking transactions between Iran and... -
06/27/2018Tehran Stock Exchange’s main index lost 1,646.84 points or 1.43% on Tuesday to end trading at 113,527.7. About 4.50 billion shares valued at $171.29 million changed hands at TSE for the day.... -
06/27/2018Ports and Maritime Organization of Iran has launched a comprehensive marine website, which displays the arrival and departure of ships and connects related maritime departments, including ports,... -
06/27/2018President Hassan Rouhani announced on Tuesday that he has ordered the Central Bank of Iran and the Ministry of Industries, Mining and Trade to publish the list of all individuals and firms that... -
06/26/2018With the arrival of an Iranian vessel at the Caspian Port in Gilan Province’s Anzali Free Trade Zone, the China-Kazakhstan-Iran Multimodal Corridor was officially launched on Tuesday -
06/26/2018Iran Chamber of Commerce, Industries, Mines and Agriculture and Iran’s Small Industries and Industrial Parks Organization signed a memorandum of understanding to implement the Iran Subcontracting... -
06/26/2018The unilateral sanctions the US is anticipated to reimpose on Iran in August and November have... -
06/26/2018Bulls are reigning over Tehran equity markets just as foreign exchange, gold, housing and stock markets have all recorded unprecedented gains. Recent changes in government forex policy are also... -
06/26/2018Iran’s Bank of Industry and Mine is financing 143 national projects that can generate more than 30,000 direct jobs. “The bank is providing 370 trillion rials [$8,809 million] in funds required for... -
06/26/2018The government has finally consented to allow open market exchange rates for certain import transactions and markets reacted positively to the news, as the bull run in the foreign exchange and gold... -
06/26/2018The 27th International Exhibition of Home Furniture, known as HOFEX 2018, is scheduled to open at Tehran’s International Fairground on August 15. The four-day exhibition, considered to be the... -
06/26/2018Iran National Tax Administration has announced details of the government’s initiative to levy taxes on people purchasing high amounts of foreign currencies and gold coins as investments, signaling... -
06/26/2018Iran has proposed to integrate its bank card switch with Georgia in a move aimed at boosting tourism revenues for the two countries. The proposal was made by Iran’s Minister of Economic and... -
06/25/2018Iranian steelmakers exported 1.62 million tons of their products during the first two months of the current fiscal year (March 21-May 21), registering a 28.7% year-on-year growth, the Iranian Steel... -
06/25/2018As gold coin prices are skyrocketing, the Central Bank of Iran has reached an agreement with the capital market on implementing the latest scheme aimed at controlling the bull run. Representatives... -
06/25/2018Foreign Minister Mohammad Javad Zarif assured the business community that the future of the Joint Comprehensive Plan of Action–the formal name of the nuclear deal Iran signed with world powers in... -
06/25/2018About 2.1 million tons of commodities worth over 56 trillion rials ($1.33 billion) were traded at Iran Mercantile Exchange during the second month of the current fiscal year (April 21-May 21). Oil... -
06/25/2018Tehran Stock Exchange’s main index gained 2,659.33 points or 2.43% on Sunday to end trading at 112,060.7. This is an all-time high for the benchmark, as it has been rallying consistently in recent... -
06/25/2018About 63 trillion rials ($1.49 billion) worth of unpaid tax were identified in the last Iranian year (ended March 20, 2018) as a result of a new scheme to monitor dubious bank transactions, the... -
06/25/2018Governor of the Central Bank of Iran Valiollah Seif has pledged greater support for domestic tourism, after a call from the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei to help shift...
