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Iran to include more currencies in its new pairing system

Iran’s central bank officials say rupee, lira and dirham will be included in the currency pairing system.

Central Bank of Iran (CBI) officials say they plan to include more currencies in a new system that allows exporters and importers to settle their payments under currency pairings coordinated with other countries.  

CBI Governor Ali Salehabadi said on Wednesday that the new trade settlement scheme would not be restricted to the Russian ruble, adding that other international currencies will be allowed for pairings against the Iranian rial in the near future.

“We will offer other currencies in future to have a diversified basket and to reduce the influence of currencies like the (US) dollar,” Salehabadi told reporters following a Cabinet session.

Iran’s Currency Exchange (ICE) on Tuesday allowed the trading of the Iranian rial against the ruble in line with new government policies to facilitate trade between Iran and Russia. Reports said some two million rubles were sold for more than 10 billion rials in a first trade in the ICE.

Salehabadi said the new trade settlement in rial and ruble will mostly help Iranian exporters of dry nuts to Russia while he insisted that settlements will increase with more sales of Iranian rial in Russia in the upcoming weeks.  

A senior ICE official also said on Wednesday that pairings will expand in future to include major currencies from regional countries.

Mohammad Ghezelbash said that trading of rial against Turkey’s lira, India’s rupee and United Arab Emirates’ dirham will become possible in the market in the future.

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