Iran ready to cooperate with BRICS members to create financial entity: CBI governor

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

Farzin made the suggestion Thursday during his speech at the International Banking and Finance Conference in St. Petersburg, where he arrived the day before for talks aimed at expanding monetary and banking interactions between Iran and Russia.

He said the formation of a FATF-type organization within BRICS aims to strengthen banking cooperation among BRICS member states.

As for the political leaders’ determination to use local currencies in trade, Farzin said that if member states can use the ruble, yuan, dirham and rial in trade between Russia, Iran, China and other countries, this will remove a major barrier to trade and lead to a strengthening of relations.

He went on to say that developing alternative payment channels aimed at reducing dependence on the US dollar and the Western-dominated financial infrastructure has been the main motivation for 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 expanding Iran-Russia collaboration during a meeting with his Russian counterpart Elvira Sakhipzadovna Nabiullina.

During the meeting, the two sides discussed the current status of joint projects and financial cooperation between the banking systems of the two countries.

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

Kazem Jalali, Iran’s ambassador to Moscow, also attended the meeting.

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