Iran and Brazil Strengthen Financial and Banking Relations

Iran and Brazil have agreed to strengthen their financial and banking ties, focusing on the use of national currencies for trade and improving economic cooperation. Discussions held at the BRICS summit in Cape Town emphasized the importance of bilateral finance initiatives, with both nations recognizing their considerable trade potential and the need for enhanced collaboration within the BRICS framework.

Iran and Brazil have reached an agreement to strengthen their financial and banking relations, emphasizing the use of national currencies for bilateral trade. This development aims to utilize their respective banking infrastructures to enhance economic cooperation between the two nations. The accord was established during discussions between Asghar Abolhasani, Deputy Governor of the Central Bank of Iran, and Tatiana Rosito, Brazil’s Deputy Finance Minister, who chairs the BRICS Central Bank Deputies and Finance Ministers Meeting.

During a recent summit in Cape Town, South Africa, Brazil, currently chairing BRICS, underscored the advantages that member states can gain by fostering financial and banking collaborations utilizing their national currencies. The discussions highlighted the substantial financial and trade opportunities that exist between Iran and Brazil, leading to a call for increased bilateral and multilateral banking cooperation, particularly through BRICS mechanisms.

Abolhasani pointed out that the economic capabilities of Iran, Brazil, and other BRICS nations suggest that improved banking and financial ties could significantly enhance trade among these countries in the near future. In light of ongoing global financial trends, Rosito called for a more profound bilateral engagement with Iran and proposed leveraging BRICS resources to develop new financial cooperation frameworks.

Additionally, Abolhasani engaged in separate discussions with representatives from Russia, India, South Africa, and the United Arab Emirates at the BRICS Central Bank Deputies’ Technical Meeting. He reaffirmed Iran’s commitment to bolstering both bilateral and multilateral monetary and banking relations with all BRICS members.

In conclusion, the agreement between Iran and Brazil to enhance financial and banking ties marks a significant step towards greater economic cooperation. Utilizing national currencies in trade and leveraging BRICS frameworks will benefit both nations immensely. The dialogues held at the BRICS meeting underscore a mutual recognition of the potential for increased financial collaboration among member states, paving the way for future economic partnerships.

Original Source: www.tehrantimes.com