At the International Banking and Finance Conference held in Saint Petersburg, the Governor of the Central Bank of Iran, Mohammad Reza Farzin, delivered a speech proposing the establishment of a new organization within the BRICS economic group. This body would closely resemble the Financial Action Task Force (FATF), which aims to promote banking cooperation among BRICS members.
Farzin also noted that trade payments between BRICS countries should utilize local currencies. In this regard, he recommended the Russian ruble, Chinese yuan, UAE dirham, and Iranian rial, as they could help reduce dependence on the US dollar and Western financial systems, thereby fostering trade links and enhancing free trade.
Farzin added that the success of these initiatives would depend on whether BRICS members agree to work together effectively and eliminate any existing deficiencies in the process.
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A meeting also took place between Elvira Nabiullina, head of the Central Bank of Russia, and Farzin, where they discussed strengthening financial relations between Iran and Russia. The progress of already started joint ventures, broader financial cooperation, and the use of national currency in transactions were among the issues discussed during their talks. In line with the agenda, they also commented on countering sanctions against banks and integration activities with other states in the BRICS region.
