Tehran, Moscow working to create single currency for BRICS: Iran envoy

21 May '24

1 min read

Tehran, Moscow working to create single currency for BRICS: Iran envoy

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Iran and Russia are working to create a single currency for BRICS, with the former actively participating in the activities organised under latter's chairmanship of BRICS, Iranian ambassador to Russia Kazem Jalali said recently.
As the US uses the dollar to 'create restrictions', the use of national currencies in mutual settlements is on the agenda, he said.

Iran and Russia are working to create a single currency for the BRICS grouping, with the former actively participating in the activities organised under latter’s chairmanship of BRICS, Iranian ambassador to Russia Kazem Jalali said recently.

"The creation of a new single currency within the framework of the association is what Russia and Iran are working on," the diplomat told a press conference at the 15th International Economic Forum ‘Russia-Islamic World: KazanForum’ organised in Kazan in southwest Russia recently.

As the United States uses the dollar to ‘create restrictions’, the use of national currencies in mutual settlements is on the agenda, he was quoted as saying by a Russian news outlet.

"More than 60 per cent of bilateral trade is in rubles and rials," he said, adding that Russia-Iran ties are now at a golden stage.

The primary aim of the forum is to strengthen trade and economic, scientific and technical, social and cultural ties between Russian regions and the countries of the Organisation of Islamic Cooperation, as well as to promote the development of the Islamic financial system institutions in Russia.

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