Currencies, Emerging Markets, Frontier Markets

Russia, Iran To Create Joint Bank For Transactions In National Currencies

Relations between Moscow and Tehran are actively developing, according to Iran’s ambassador, so the two countries are planning to trade in national currencies.

By Sputnik

© Flickr/ Images Money

© Flickr/ Images Money

Russia and Iran plan to create a joint account in for their national currencies for trade, Iranian Ambassador to Russia Mehdi Sanaei told RIA Novosti in an interview Tuesday.

“Both sides plan to create a joint bank, or joint account, so that payments may be made in rubles and rials and there is an agreement to create a working group [for this],” Sanaei said.

The Iranian ambassador added that relations between Moscow and Tehran “are actively developing” and that 2014 was “a very fruitful year” for both countries.

Courtesy of Sputnik, © 2015 Sputnik

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