TEHRAN – Eximbank of Russia signed a deal on Tuesday with four Iranian banks in order to provide them with unlimited funds to implement projects in Iran.

The deal was signed in Moscow between Russia’s Eximbank and Iran’s Sepah, Parsian, Pasargad, and Tose’e Saderat banks, the Central Bank of Iran (CBI) website reported.

Inking this deal comes after CBI and Export Insurance Agency of Russia (EXIAR) signed a memorandum of understanding in October for financing Iranian projects.

Integration of bank card systems

Tehran and Moscow are also speculating to link their bank card systems and are in negotiations over a formal accord between the central banks in order to overcome legal issues, Director of the Payment System Department of CBI Davoud Mohammadbeigi said on Monday.

“At present, Iran has the closest ties with Russia in the field of international credit cards and good measures have been taken in technical terms in recent months, tests have been carried out less regularly due to some legal problems. In order for any relations to be established, the two countries and their respective central banks need to reach agreements,” Mohammadbeigi said, as quoted by Mehr news agency.

The countries are expected to cooperate on magnetic cards, the official added.

“They will be normal debit cards which can be used by the customer abroad. With respect to the rate agreed upon between the customer and the bank, the bank pays the amount in a foreign currency and will withdraw the equal amount in rial from the person’s bank account,” Mohammadbeigi explained, while answering the question on whether the cooperation involves the currency cards or the standard ones.

EF/MA