Deputy  Governor of the Central Bank of Iran (CBI) Mohsen Karimi said, “The monetary agreement made between two central bank represents a channel for money mass exchange between the two countries. This is the approach to de-dollarization and mitigation of sanction risks, and this measure is not exposed to sanctions. In other words, no sanctions will affect national currencies of both countries.”

“This will be a good incentive for Iranian exporters to trade with Russia,” Karimi noted.

The currency swap is an instrument where both parties have access to liquidity in the currency of another country without the need to buy it in the currency market, he added.

MA/PR