Central Bank governor highlights Iran’s efforts to overcome sanctions

At the 11th Conference on Modern Banking and Payment Systems in Tehran, Governor of the Central Bank of Iran (CBI), Mohammad Farzin, discussed the significant challenges sanctions have posed to Iran’s banking sector. 

Despite these obstacles, he emphasized that Iran has made substantial efforts to maintain its financial interactions, Caliber.Az reports citing Iranian media.

Farzin highlighted the establishment of the Asian Clearing Union (ACU) in 1974, which, despite its initial limited scope, has grown in recent years. He pointed out that the union’s secretariat, formed recently, has been instrumental in expanding its activities, particularly with key member states like India and Pakistan.

A major development, according to Farzin, was the launch of ACUMER, a new banking system designed to replace SWIFT for financial transactions. This system is now operational, enhancing Iran’s ability to conduct international trade and financial dealings.

Farzin also addressed the country’s efforts to deepen its relations within the BRICS group, noting that as Iran's trade with Western countries declines, it is focusing on expanding ties with the BRICS nations and their individual members.

In addition, he pointed to the successful integration of Russia's MIR payment system with Iran's Shetab banking network as another achievement in strengthening Iran’s banking interactions globally.

By Vafa Guliyeva