Saint Petersburg (IP) – Governor of the Central Bank of Iran has proposed establishing an intergovernmental organization within BRICS, similar to the Financial Action Task Force (FATF).

Iran PressIran news:  Mohammad-Reza Farzin made the remarks on Thursday as he addressed a financial gathering in Russia’s Saint Petersburg.

"The formation of a FATF-like organization within BRICS aims to enhance banking cooperation among BRICS member states," he said.

"As to the political leaders’ determination to use local currencies in trade exchanges, 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," the official added.

The governor of the Central Bank of Iran pointed out that developing alternative payment channels aimed at reducing reliance on the US 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," he noted.

Governor of the Central Bank of the Islamic Republic of Iran, Mohammad-Reza Farzin, had arrived in Saint Petersburg on Wednesday for talks aimed at developing monetary and banking interactions between Iran and Russia.

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