Iran and Brazil Strengthen Financial and Banking Relations

Iran and Brazil have agreed to strengthen their financial and banking ties with an emphasis on using national currencies for trade. The commitment was highlighted during a meeting between Iranian Central Bank officials and Brazil’s Deputy Finance Minister. Both sides recognized significant trade potential and discussed ways to leverage BRICS mechanisms for enhanced cooperation.

In a recent development, Iran and Brazil have committed to enhancing their financial and banking collaborations. The focus will be on utilizing national currencies in bilateral trade and improving banking infrastructure for economic cooperation. This agreement was finalized during a meeting between Asghar Abolhasani, the Deputy Governor of the Central Bank of Iran, and Tatiana Rosito, Brazil’s Deputy Finance Minister, who is also the Chair of the BRICS Central Bank Deputies and Finance Ministers Meeting.

As the current chair of the BRICS organization, Brazil underscored the importance of bolstering financial cooperation among member states, advocating for the use of national currencies to promote mutual benefits during discussions at the Cape Town summit. Both Abolhasani and Rosito recognized the substantial financial and trade possibilities between their nations and stressed the necessity of enhancing both bilateral and multilateral monetary and banking cooperation via established frameworks within BRICS.

Abolhasani asserted that the economic potential of Iran, Brazil, and other BRICS nations suggests that improved banking and financial cooperation could significantly elevate trade levels among them in an expedited timeframe. Furthermore, Rosito emphasized the importance of strengthening financial ties with Iran and suggested leveraging BRICS resources to devise new collaboration mechanisms in light of ongoing global financial trends.

In addition, Abolhasani conducted separate discussions with representatives from Russia, India, South Africa, and the United Arab Emirates during the BRICS Central Bank Deputies’ Technical Meeting in Cape Town. He reaffirmed Iran’s dedication to fostering both bilateral and multilateral monetary as well as banking cooperation with the BRICS member countries.

In summary, the agreement between Iran and Brazil signifies a strategic move towards enhancing financial and banking relations, particularly through the emphasis on national currencies in trade. By collaborating within the BRICS framework, both nations aim to unlock substantial economic potential and improve trade efficiencies. The commitment to financial cooperation reflects a broader trend of nations seeking to strengthen economic ties amidst evolving global financial landscapes.

Original Source: www.tehrantimes.com