TEHRAN (Tasnim) – The managing director of Iran’s Tose-e Saderat (exports development) Bank said new banking deals have been signed with Russia as part of efforts to boost bilateral transactions between the two countries in their national currencies.

With the cooperation of the Central Bank of Iran (CBI), a currency swap agreement has been signed between Iran and Russia, Ali Salehabadi said in a Tuesday meeting of Exports Development Commission of Iran Chamber of Commerce, Industries and Mines about exports to Russia.

He further said the Russian government has designated a bank to work with Tose-e Saderat Bank, adding that a number of meetings have been held between the officials of the two banks and banking relations have been established.

Back on December 22, Valiollah Seif, the governor of the Central Bank of Iran (CBI), said both Tehran and Moscow have made the necessary preparations to create a mechanism to connect their banking sectors to facilitate trade between the two countries in their own currencies.

Seif said a special committee should be set up between Iran and Russia to identify the current obstacles that are preventing the expansion of their mutual banking relations.

He also said that a technical team needs to be formed to activate mechanisms for providing credit lines between Iran and Russia.

Tehran and Moscow plan to boost mutual trade turnover from the current $1.7 billion to $10 billion.

By Tasnim News Agency