Iran and Brazil have agreed to enhance financial and banking relations focusing on the use of national currencies in trade and improving collaboration through the BRICS framework. Meetings between officials emphasized the importance of strengthening financial cooperation to leverage trade potential among BRICS members.
Iran and Brazil have formalized an agreement to enhance their financial and banking relations, primarily by promoting the use of national currencies for bilateral trade and utilizing their banking infrastructure for economic collaboration. This initiative was discussed in a meeting between Asghar Abolhasani, Deputy Governor of the Central Bank of Iran, and Tatiana Rosito, Brazil’s Deputy Finance Minister, during the BRICS Central Bank Deputies and Finance Ministers Meeting.
As the current chair of BRICS, Brazil emphasized at the recent Cape Town summit the advantages of fostering financial and banking cooperation among member nations, specifically through national currencies. Abolhasani and Rosito highlighted the substantial financial and trade potential that exists between Iran and Brazil, stressing the necessity of increasing both bilateral and multilateral banking cooperation via established BRICS mechanisms.
Abolhasani remarked that the economic capabilities of Iran, Brazil, and other BRICS members signify that improved financial collaboration could substantially enhance trade among these countries in the near future. Rosito advocated for the strengthening of financial ties with Iran and suggested the development of new banking and financial collaboration mechanisms leveraging BRICS resources, reflecting ongoing global financial trends.
Additionally, during the BRICS Central Bank Deputies’ Technical Meeting in Cape Town, Abolhasani engaged with officials from Russia, India, South Africa, and the United Arab Emirates, reaffirming Iran’s dedication to advancing monetary and banking cooperation with fellow BRICS nations.
The agreement between Iran and Brazil signals a commitment to strengthening financial and banking ties through the use of national currencies. With the support of the BRICS framework, both nations aim to capitalize on their economic strengths to facilitate trade and enhance cooperation. This collaborative approach is expected to yield significant benefits for all involved BRICS member states.
Original Source: www.tehrantimes.com
