Iran and Brazil Strengthen Financial and Banking Cooperation

Iran and Brazil have agreed to strengthen their financial ties, focusing on using national currencies and enhancing banking cooperation. The agreement was finalized during a meeting between CBI Deputy Governor Asghar Abolhasani and Brazil’s Tatiana Rosito. Both parties acknowledged the potential for increased trade and cooperation within the BRICS framework.

Iran and Brazil have reached an agreement to enhance their financial and banking relations, emphasizing the use of national currencies for bilateral trade and optimizing banking infrastructure for economic collaboration. This agreement was formalized following discussions between Asghar Abolhasani, Deputy Governor of the Central Bank of Iran (CBI), and Tatiana Rosito, Brazil’s Deputy Finance Minister and Chair of the BRICS Central Bank Deputies and Finance Ministers Meeting.

At the recent BRICS summit in Cape Town, Brazil, currently leading BRICS, noted that promoting financial cooperation among member states through the use of national currencies would yield advantages for all parties involved. The CBI Deputy Governor highlighted the considerable financial and trade potential that exists between Iran and Brazil, underscoring the necessity to enhance both bilateral and multilateral monetary and banking relations, particularly via mechanisms within the BRICS framework.

In the meeting, Abolhasani articulated that the economic strengths of Iran, Brazil, and other BRICS members indicate that improved banking and financial collaboration could significantly increase trade in the near future. Rosito emphasized the importance of reinforcing financial cooperation with Iran and proposed leveraging BRICS capabilities to establish new mechanisms for banking and financial collaboration in light of current global financial dynamics.

Additionally, on the sidelines of the BRICS Central Bank Deputies’ Technical Meeting in Cape Town, Abolhasani engaged in separate discussions with representatives from Russia, India, South Africa, and the United Arab Emirates, reiterating Iran’s dedication to fostering both bilateral and multilateral monetary cooperation among BRICS nations.

The agreement between Iran and Brazil signifies a strategic enhancement of their financial and banking ties. By focusing on national currencies and utilizing the BRICS framework, the two countries aim to unlock their economic potential and strengthen their trade relations. The discussions highlight a shared commitment towards increased cooperation in the face of evolving global financial landscapes.

Original Source: www.tehrantimes.com