Iran Press/ Iran news: The instability of local currencies and their limited convertibility severely hampers trade with Turkey, Iran, China, and India. Governor of the Bank of Russia Elvira Nabiullina is planning a trip to Iran in the near future, according to Iranian Ambassador in Moscow Kazem Jalali. The visit could be related to implementing the gold-backed Russian-Iranian quasi-currency project and assistance in stabilizing the Iranian rial exchange rate, Nezavisimaya Gazeta writes.
Iran is less vulnerable to additional financial pressure from the US since the country is already under sanctions, which could be why Moscow and Tehran have reached an agreement on Nabiullina’s visit, the newspaper writes.
"For a year now, the goal has been to diversify our reserves as much as possible, abandoning as many risky currencies and securities in the euro and the dollar as possible," Deputy Chairman of the State Duma Committee on Economic Policy Artem Kiryanov told the newspaper.
"The discussion on what Russia’s community of partners would look like is taking place now, both at the level of the government and the parliament. There is an active dialogue with Iran, and against this background, the visit of our banking regulator to Iran seems logical," he added.
The use of the Russian-Iranian gold-backed stablecoin in cross-border transactions may also be discussed in Iran. Stablecoin could be used in mutual settlements between the two countries, Nezavisimaya Gazeta writes.
214
Read More:
Central Bank of Russia Chief to head for Iran in near future
Iran, Russia banks begin financial messaging
