TEHRAN - The Governor of the Central Bank of Iran Mohammad Reza Farzin has proposed the establishment of an intergovernmental organization within BRICS, similar to the Financial Action Task Force (FATF).

Farzin made the suggestion on Thursday as he addressed the International Banking and Financial Conference in St. Petersburg where he arrived a day earlier for talks aimed at developing monetary and banking interactions between Iran and Russia.

He said that the formation of a FATF-like organization within BRICS aims to enhance banking cooperation among BRICS member states.

As to the political leaders’ determination to use local currencies in trade exchanges, Farzin said, if the member states can use the ruble, the yuan, the dirham, and the rial in the exchanges between Russia, Iran, China, and other countries, it will remove a major obstacle in the trade and lead to strengthening the relationships.

He went on to say that the development of alternative payment channels aimed at reducing reliance on the U.S. dollar and Western-dominated financial infrastructure has been the main motivation for the BRICS efforts, and the success rate of these initiatives depends on the willingness and interest of BRICS members to cooperate and overcome shortcomings.

The success of these initiatives will depend on the willingness of BRICS members to collaborate and overcome challenges.

***Iran, Russia discuss expansion of banking, financial cooperation

Farzin also discussed the expansion of collaborations between Iran and Russia in a meeting with his Russian counterpart Elvira Sakhipzadovna Nabiullina.

During the meeting, the two sides held talks on the latest status of joint projects and financial cooperation between the two countries' banking systems.

The officials also discussed maximizing the use of national currencies, countering sanctions on the banking sector, and cooperation within the framework of the BRICS group.

Kazem Jalali, Iran's Ambassador to Moscow, also participated in the meeting.

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