Speaking at a ceremony on Tuesday to unveil the second phase of the Shetab-Mir integration, Farzin emphasized the pivotal role of banking infrastructure in enhancing both economic and cultural ties between nations. “No economic relationship is possible without banking and financial cooperation,” he said. “This initiative aligns with the government’s strategy of strengthening political and economic relations with neighboring countries and BRICS members.”Farzin reiterated that the integration effort with Russia is part of a larger plan to reduce reliance on Western banking systems, particularly the SWIFT network. “Our goal is to establish an independent and secure financial transaction channel,” he stated. The project is the result of close collaboration between Iranian and Russian banking authorities and has already led to the establishment of correspondent banking relations between multiple Iranian and Russian banks.In outlining the broader vision, Farzin noted that the Central Bank of Iran aims to implement this Shetab-Mir model across all BRICS countries (Brazil, Russia, India, China, and South Africa) as well as other nations in the region. He emphasized that building a secure banking infrastructure free from Western platforms is a top priority, especially given the current dependence on what he termed “insecure Western systems.”The Shetab-Mir project also encompasses the interconnection of Iran’s “SEPAM” and Russia’s “SPFS” messaging systems, which serve as alternatives to SWIFT. Additional measures include establishing credit lines, signing monetary agreements, and enabling banking services that support both trade and tourism between the two nations.According to Farzin, under the newly expanded system, citizens of both countries can now access banking services during travel without needing international banking cards. He confirmed that preliminary work is already underway to implement similar systems with other BRICS and regional countries.Also speaking at the event, Zulfiya Kakhramanova, Deputy Governor of the Central Bank of Russia, hailed the Shetab-Mir integration as a crucial step in strengthening bilateral banking relations and facilitating services for citizens of both nations.“In the first phase, Iranian citizens could withdraw cash in Russia using their bank cards,” she said. “With today’s launch of the second phase, Russian citizens can now use their cards to make purchases in Iran. The third and final phase will see full functionality of the system in both countries.” (ICE TEHERAN)

Fonte notizia: Iran News Daily