Sputnik- Moscow and Tehran are preparing for on trade in national currencies at the Moscow Exchange, according to Deputy Director of International Cooperation and Public Communications Department of the Russian Central Bank Andrey Melnikov.

TEHRAN (Sputnik) � Moscow and Tehran are preparing for�on trade in�national currencies at�the Moscow Exchange, Deputy Director of�International Cooperation and Public Communications Department of�the Russian Central Bank Andrey Melnikov said Tuesday.

"There are issues requiring further consideration. There is no doubt [that] it is positive that [Russian and Iranian] central banks are reviewing them. This and the present project on�currency pair trading of�the [Russian] ruble and [Iranian] rial will significantly increase the [volumes of] using the national currencies for�mutual settlement in�case there is demand for�these currencies," Melnikov told RIA Novosti.

Melnikov added that the project was subject to�discussion between�the Russian and Iranian exchanges to�date. In January, head of�the Iran-Russia Chamber of�Commerce Asadollah Asgaroladi told Sputnik that the Iranian Central Bank working committee was discussing transitioning to�trade in�national currencies with�Russia.

In December 2015, Russian Industry and Trade Minister Denis Manturov said Russia and Iran were likely to�start transactions in�national currencies, adding that the trade turnover between�the two countries was estimated at�around $5 billion in�five years.