Iran and Brazil have agreed to strengthen financial and banking relations, promoting the use of national currencies in their trade. The agreement was made during a meeting between officials from both countries, emphasizing the potential benefits of increased economic cooperation within the BRICS framework.
TEHRAN – Iran and Brazil have officially decided to strengthen their financial and banking ties, specifically by promoting the use of national currencies in their bilateral trade. This initiative aims to enhance economic collaboration through the existing banking infrastructure, facilitating smoother transactions.
The agreement was established during a meeting held between Asghar Abolhasani, Deputy Governor of the Central Bank of Iran (CBI), and Tatiana Rosito, Brazil’s Deputy Finance Minister and chair of the BRICS Central Bank Deputies and Finance Ministers Meeting. This dialogue emphasized the mutual benefits of fostering financial links alongside trade relations between the two nations.
As Brazil currently holds the BRICS chair, the importance of advancing financial cooperation using national currencies was discussed at the BRICS summit in Cape Town, South Africa. Both representatives reaffirmed the critical role of collaboration within the BRICS framework, which could enhance economies among member states.
During their discussions, Abolhasani highlighted the economic strengths of Iran, Brazil, and other BRICS countries, indicating that improved banking cooperation could lead to significant trade growth shortly. Rosito echoed the necessity of reinforcing bilateral financial relations with Iran and suggested leveraging BRICS capabilities to create new banking mechanisms in response to evolving global financial circumstances.
After the BRICS Central Bank Deputies’ Technical Meeting, Abolhasani also engaged in talks with officials from Russia, India, South Africa, and the United Arab Emirates, reiterating Iran’s commitment to increasing both bilateral and multilateral monetary and banking cooperation with fellow BRICS members.
In summary, the recent agreement between Iran and Brazil to enhance financial and banking relations marks a positive step towards utilizing national currencies for trade. The emphasis on leveraging the BRICS framework indicates a broader strategy for economic cooperation among member states. Continued dialogue and collaboration among BRICS nations will likely lead to improved financial mechanisms and trade opportunities in the region.
Original Source: www.tehrantimes.com
