Iran announces offshore rial project

Governor of the Central Bank of Iran Mohammad Reza Farzin has said that Iran is creating an offshore rial and plans to use it in financial transactions with Russia soon.

Farzin made these remarks during the ceremony of introducing the digital rial into public circulation, Caliber.Az reports citing the Iranian media.

The project is being developed now.

The offshore rial is a currency which is used for Iran's cross-border business transactions with several countries.

One of its most important functions is the development of national currency and the management of foreign currency expenditure. There is no SWIFT system for international payments and settlements in Iran due to the introduction of the US sanctions.