ALBAWABA - The Central Bank of the Islamic Republic of Iran announced the signing of the first - of its kind - monetary agreement between the country and Russia.
Russian and Iranian bank governors ran two meetings in accordance with the St. Petersburg International Economic Forum last week, the agreement followed as a sequence and will start operating very soon.
Both countries officially agreed on a collaboration outlining joint strategies and working toward mutual benefits.
A collaboration between the Ruble and the Rial
The signed memorandum between the two aims to develop the trading systems in both countries, facilitate the flow of currencies, and create more opportunities for business dealings.
With this late monetary agreement, exchange operations will be based on the local currencies: the riyal and the ruble, and there will be no need to use any other currency; as the governor of the Central Bank of Iran explained.
Russia and Iran sign monetary agreement. (Shutterstock)
It is worth mentioning that this agreement is important for Russian and Iranian investors and businessmen as it will work on eliminating any risks associated with currency conversion.
This agreement will mark the beginning of significant improvements in both nations' commercial exchanges.
