TEHRAN – Central Bank of Iran (CBI) Governor Mohammad Reza Farzin traveled to Yekaterinburg, Russia, to meet with his Russian counterpart and advance monetary and banking cooperation between the two countries, as well as discuss continued collaboration within the BRICS group.

According to the Central Bank of Iran, Farzin’s visit follows an official invitation from Elvira Nabiullina, head of Russia’s central bank. Talks will focus on strengthening the Iran-Russia monetary pact and expanding economic, financial, and banking ties with BRICS members.

During a recent visit to Moscow with Iran’s president, Farzin stated that the Iran-Russia monetary agreement had been implemented, with the two countries’ currencies being settled based on a market-determined exchange rate.

Another key Iran-Russia project is the integration of the Mir and Shetab payment networks. The first phase has been launched, with the second and third phases underway.

The two central banks have also finalized a joint action plan covering three key areas: the use of national currencies in bilateral trade, linking domestic financial messaging systems—known as SEPAM and SPFS—and integrating the two countries’ card payment networks.

Yekaterinburg, the capital of Russia’s Sverdlovsk province, serves as the industrial hub of the Ural Federal District.

EF/MA