Iran central bank chief says key measures taken to tackle sanctions

The Governor of the Central Bank of Iran (CBI) Mohammad-Reza Farzin said the country has taken key steps in a bid to deal with unfair sanctions targeting the country's economy.

News ID: 5480

Date: 25 November 2024 - 12:42

TABNAK, Nov, 25 : The CBI governor made the remarks at the 11th Conference on Modern Banking and Payment Systems in the capital Tehran on Monday.

Farzin noted that sanctions have posed the greatest challenges to the baking sector, however, Iran has made efforts and managed to maintain interactions.

The top Iranian banker explained that the Asian Clearing Union (ACU) was established in 1974, but had limited activity. He added that the secretariat of the union was formed in recent years with the aim of conducting interactions, including with India and Pakistan, which are members of the union.

One of the measures was to launch a new banking system called ACUMER to replace SWIFT, which is now active, he noted.

As to the development of cooperation within the BRICS group, Farzin said that Iran has been making efforts to expand its ties with the bloc and its member states and will continue those efforts in the future in the wake of decreased trade with Western countries.

He also said that the connection between Russia's MIR and Iran's Shetab banking systems is another achievement by Iran to develop its banking interactions.