TEHRAN – Iran’s Integrated Forex Market has launched the Ruble/Rial currency pair in its trades, IRNA reported.

The offering of the mentioned pair was officially started on Tuesday in a ceremony attended by Governor of Central Bank of Iran (CBI) Ali Saleh-Abadi, and CBI Deputy Governor Asghar Abolhasani.

Speaking at the ceremony, Abolhasani said launching this foreign currency pair was put on the agenda after President Ebrahim Raisi's visit to Russia last year and the recent visit of the CBI governor to the country.

Iran needs to conclude bilateral and multilateral monetary agreements with the countries in the region, especially with neighboring countries, and Russia was the first country to do so, the official said.

A currency pair is the quotation of two different currencies, with the value of one currency being quoted against the other. The first listed currency of a currency pair is called the base currency, and the second currency is called the quote currency.

EF/MA