Iran and Brazil Strengthen Financial and Banking Relations Through…

Iran and Brazil have agreed to strengthen their financial and banking ties, focusing on bilateral trade using national currencies. The agreement was made during discussions at the BRICS Central Bank Deputies Meeting in Cape Town, emphasizing the potential for economic collaboration. Both nations aim to enhance banking cooperation through BRICS initiatives, boosting trade among member states.

Iran and Brazil have reached an agreement to bolster their financial and banking relations, emphasizing the use of national currencies for bilateral trade. This strategic decision is aimed at enhancing economic cooperation by leveraging both countries’ banking infrastructures. The agreement was formalized during discussions between Asghar Abolhasani, Deputy Governor of the Central Bank of Iran (CBI), and Tatiana Rosito, Brazil’s Deputy Finance Minister, during the BRICS Central Bank Deputies Meeting in Cape Town.

At the BRICS summit, Brazil asserted the importance of strengthening financial cooperation among member states through the utilization of national currencies. Abolhasani and Rosito recognized the vast financial and trade potential that exists between Iran and Brazil, stressing the necessity of increasing mutual banking relations, particularly through BRICS initiatives.

Abolhasani remarked on the significant economic possibilities for Iran, Brazil, and other BRICS nations, suggesting that improved financial collaboration could lead to a substantial trade boost in the near future. Rosito also highlighted the importance of enhancing bilateral financial ties with Iran, proposing to leverage BRICS frameworks for the creation of new banking collaboration mechanisms amidst current global financial trends.

Additionally, on the sidelines of the BRICS meeting, Abolhasani engaged in discussions with representatives from Russia, India, South Africa, and the United Arab Emirates, reaffirming Iran’s dedication to expanding both bilateral and multilateral monetary and banking partnerships with BRICS nations.

The agreement between Iran and Brazil to enhance financial and banking cooperation signifies a strategic move towards greater economic collaboration using national currencies in trade. This initiative, highlighted during the BRICS meeting, could potentially increase trade volumes among the member states, utilizing existing banking infrastructures. The ongoing discussions and proposals illustrate a commitment to developing more robust financial relationships within the BRICS framework.

Original Source: www.tehrantimes.com