Iranian-Russian Equivalent of SWIFT to Begin Operating in Coming Months
- October, 18, 2022 - 16:57
- Economy news
TEHRAN (Tasnim) – An analog of the SWIFT bank-to-bank information and payment system between Russia and Iran may start functioning in coming months, the Russian Trade Representative in Iran, Rustam Zhiganshin, said.
During a meeting with members of the Iranian Chamber of Commerce and Industry, Zhiganshin indicated that a SWIFT-like bank-to-bank information and payment system between Russia and Iran may begin operating in two to three months.
"The decision to create an analog of the SWIFT system will be made at the meeting of the Russian-Iranian commission on trade and economic cooperation," Zhiganshin said.
"If countries are able to reach the final agreement on this issue, the system will be able to start functioning as early as in two-three coming months," he added.
Currently, trade and economic ties between Russia and Iran are growing. Between January and July 2022, the bilateral trade turnover increased by 44.9% year over year and totaled $2.8 billion.