Iranian Central Bank Governor Mohammad Reza Farzin said the country has taken major steps in trying to deal with unfair sanctions targeting the country’s economy.
The Governor of the Central Bank of Iran made these statements at the 11th Conference on Modern Banking and Payment Systems in the capital, Tehran, on Monday.
Farzin noted that sanctions imposed the greatest challenges on the bread sector, however, Iran made efforts and was able to maintain interactions.
The senior Iranian banker explained that the Asian Clearing Union (ACU) was established in 1974, but its activity was limited. He added that the Union’s secretariat was formed in recent years with the aim of conducting interactions, including with India and Pakistan, which are members of the Union.
He noted that one of the measures was to launch a new banking system called ACUMER to replace SWIFT, which is now operational.
Regarding developing cooperation within the BRICS, Farzin said that Iran is making efforts to expand its relations with the bloc and its member states and will continue these efforts in the future in the wake of the decline in trade with Western countries.
He also said that the link between the Russian Mir banking system and the Iranian Shatab Bank is another achievement achieved by Iran in developing its banking transactions.
