Iran and Brazil have agreed to improve their financial ties by using national currencies for trade and enhancing banking infrastructure. This direction was confirmed during a meeting between their finance officials, focusing on the potential trade benefits and cooperation within the BRICS framework.
Iran and Brazil are set to enhance their financial and banking relations, aiming to increase the use of their national currencies in bilateral trade. This decision was made during a meeting involving Asghar Abolhasani, the Deputy Governor of the Central Bank of Iran, and Tatiana Rosito, Brazil’s Deputy Finance Minister. The discussions centered on leveraging banking infrastructure to bolster economic cooperation between the two nations.
At the recent BRICS summit in Cape Town, Brazil, as the chair, advocated for the strengthening of financial and banking ties among BRICS countries. Using national currencies was viewed as a beneficial approach for all involved nations. During the meeting, both Abolhasani and Rosito underlined the potential for significant financial and trade collaboration.
Abolhasani emphasized the economic strengths of Iran and Brazil, suggesting that improved banking and financial cooperation could lead to substantial trade increases in the near term. Rosito proposed capitalizing on BRICS capabilities to create new financial collaboration mechanisms, particularly in light of shifting global financial dynamics.
Additionally, on the margins of the BRICS Central Bank Deputies’ Technical Meeting, Abolhasani engaged with officials from Russia, India, South Africa, and the UAE, reaffirming Iran’s commitment to fostering deeper monetary and banking ties within the BRICS framework. These interactions highlight a growing recognition of the importance of multilateral cooperation in the financial sector.
The agreement between Iran and Brazil signifies a mutual interest in enhancing financial cooperation, particularly through the use of national currencies in trade. Efforts to utilize BRICS mechanisms for strengthening banking ties reflect broader trends in global finance and trade dynamics. Both nations foresee increased trade through enhanced economic collaboration and strategic partnerships within the BRICS framework.
Original Source: www.tehrantimes.com
