Russia and Iran complete de-dollarization -- central bank
The two countries have completely shifted to trade in their national currencies, according to the Iranian government lender
Russia and Iran have abandoned the use of the US dollar in bilateral trade, shifting to their national currencies, Central Bank of Iran (CBI) Governor Mohammad-Reza Farzin has stated, according to local media reports.
The CBI chief made the remarks at the 11th Conference on Modern Banking and Payment Systems in Tehran on Monday. He said the move was part of a plan to counter “unjust sanctions.”
“We have entered into a currency agreement with Russia and abandoned the dollar. Now we only trade in rubles and rials,” Farzin was quoted as saying by Fars News.
He also revealed that the two nations’ financial authorities have agreed on the exchange rate to be used for foreign trade transactions.
Iran and Russia, both subject to US sanctions, first announced plans to use their respective national currencies instead of the greenback in mutual trade in July 2022.
https://www.rt.com/business/608195-russia-iran-dollar-national-currencies/
Central Bank of Iran. I know nothing about that bank but I can smell the stench of a Federal Reserve system being installed at that bank.
BRICS could become the next 'Central Bank', we'll see.
Kicking Russia off the SWIFT system was a short sighted, knee-jerk attempt to tank its economy. Not only did it fail to crash Russia, it gave them the kick in the pants they needed to retool their system and de-westernize it. They are now a resource rich country with an independent financial system, and are a key player in the up and coming rival BRICS system. When SHTF here they’ll be largely immune from the fallout.