The governor of the Central Bank of Iran (CBI) has said that Iran has made preparations for setting up a joint bank with Russia to streamline mutual trade based on the two countries� national currencies.

Valiollah Seif made the remark in a meeting with a Russian delegation in Tehran and added that Iran is ready to do its transactions with Moscow based on rial.The CBI chief further said that the two neighbors need to activate an effective mechanism for their banking relations, adding that Iran and Russia should form a special committee which could identify the obstacles standing in the way of developing their mutual banking relations

By IFP