Iran pursuing mutual monetary treaty with trading partners: CBI
Central Bank of Iran (CBI) announced on Thursday the latest measures in the field of international banking transactions and noted that a bilateral monetary treaty with the four main trading partners is on its agenda.
Referring to the latest measures in the field of international banking transactions, CBI stated that the System for Electronic Payment Messaging (SEPAM) as an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in relations with many countries is being developed and a bilateral monetary treaty with the four main trading partners of the country is also on the agenda.
CBI added that due to SWIFT sanctions and the impossibility of financial and banking transactions in this system, the infrastructure required in SEPAM has been fully provided by the central bank's new technologies.
Currently, the use of SEPAM as an alternative to SWIFT is operational between banks in Iran and other states, and messages are exchanged between the parties, CBI said adding that the possibility of launching this messenger in other countries is also being pursued.
Iran has already stepped in with Russia, Iraq, and Turkey to conclude and implement a bilateral monetary treaty aimed at removing the dollar from trade exchanges and using national currencies, it highlighted, adding that Iran has even held talks with the Pakistani government.