Iran's Central Bank Governor Highlights Sanctions Resilience and New Financial Initiatives

Farzin touched on Iran’s efforts to strengthen its ties with the BRICS group, focusing on expanding relations as trade with Western countries declines.

Photo: Tasnim news agency

At the 11th Conference on Modern Banking and Payment Systems in Tehran, Mohammad Farzin, Governor of the Central Bank of Iran (CBI), addressed the significant challenges posed by sanctions on Iran’s banking sector.

Despite these obstacles, Farzin emphasized that Iran has made significant strides in maintaining its financial interactions, The Caspian Post reports, citing Iranian media.

Farzin discussed the growth of the Asian Clearing Union (ACU), established in 1974, which has expanded in recent years, particularly with key member states like India and Pakistan. He noted that the union's secretariat, formed recently, has played a crucial role in this growth.

A major development highlighted by Farzin was the launch of ACUMER, a new banking system designed to replace SWIFT for financial transactions. This new system is now operational, boosting Iran's ability to engage in international trade and financial activities.

Additionally, Farzin touched on Iran’s efforts to strengthen its ties with the BRICS group, focusing on expanding relations as trade with Western countries declines. He also praised the successful integration of Russia's MIR payment system with Iran’s Shetab banking network as a key achievement in enhancing Iran’s global banking connections.