CBI Chief Emphasizes Developing Monetary, Banking Ties with BRICS

CBI Chief Emphasizes Developing Monetary, Banking Ties with BRICS

TEHRAN (Tasnim) – The governor of the Central Bank of Iran (CBI) stressed the need for the expansion of banking and monetary relations with the BRICS group of emerging economies including Brazil, Russia, India, China and South Africa.

Mohammad Reza Farzin and his Brazilian counterpart Roberto Campos Neto in a meeting in Morocco on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) underlined that the two countries enjoy high potentials to boost the level of their cooperation in the monetary and banking fields.

During the meeting, the two sides emphasized increasing bilateral and multilateral monetary and banking cooperation, especially the use of definable mechanisms in the BRICS group.

Iran’s top banker pointed out that the trade capacities between Iran and Brazil and also other BRICS members in the economic ties indicate that trade among these countries would increase in the short run by increasing bilateral monetary and banking cooperation.

The Brazilian central bank governor emphasized the need for increasing bilateral cooperation with Iran in the specialized fields and proposed, “Given the developments facing ahead in the international and banking arena, the high capacities of BRICS should also be used optimally for creating modern mechanisms of banking and monetary cooperation.”

Earlier, Farzin met and held talks with CEOs of IMF and WB on the sidelines of the meeting to discuss bilateral ties and boosting monetary-banking cooperation.

The Annual Meetings of IMF and WBG kicked off in Morocco on September 9 and will conclude today, September 15.

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