Iran and Brazil have agreed to improve their financial and banking relations, focusing on utilizing national currencies for trade. This agreement was established during a meeting involving senior officials from both countries, aiming to enhance economic cooperation within the BRICS framework.
Iran and Brazil have reached an agreement to strengthen their financial and banking relations, specifically emphasizing the use of national currencies in their bilateral trade. This initiative aims to enhance economic cooperation through shared banking infrastructures. The accord was established during discussions between Asghar Abolhasani, Deputy Governor of the Central Bank of Iran (CBI), and Tatiana Rosito, Brazil’s Deputy Finance Minister, at a recent meeting.
As the current chair of BRICS, Brazil underscored the advantages of financial cooperation among its member states during the Cape Town summit, advocating for the use of national currencies. Abolhasani and Rosito recognized the considerable potential for financial and trade opportunities between their nations, highlighting the necessity for strengthened monetary and banking collaboration, particularly through the BRICS framework.
Abolhasani indicated that the collective economic capacities of Iran, Brazil, and other BRICS members suggest that increased banking cooperation could substantially enhance trade in the near future. Rosito further proposed the development of new financial collaboration mechanisms utilizing the resources available within BRICS, given the evolving landscape of global finance and banking.
Additionally, on the sidelines of the BRICS Central Bank Deputies’ Technical Meeting in Cape Town, Abolhasani engaged in discussions with representatives from Russia, India, South Africa, and the United Arab Emirates. He reiterated Iran’s dedication to fostering both bilateral and multilateral monetary and banking partnerships with BRICS nations.
In summary, the agreement between Iran and Brazil to strengthen financial and banking ties focuses on utilizing national currencies and enhancing cooperation through BRICS. This initiative is anticipated to bolster economic interactions among member nations, facilitating growth in trade and financial collaboration in the short term.
Original Source: www.tehrantimes.com
