A VTB branch has been opened in Iran, said the Republic’s Deputy Minister of Industry and Commerce, Alireza Peyman-Pak. Frank Media drew attention for his post on social media.
VTB became the first Russian bank to open a representative office in Iran. This was possible thanks to the support of the Iran Trade Development Organization, Peyman-Pak specified.
According to the deputy minister, the VTB branch will contribute to “trade transparency” in the country and will also serve as a tool to transfer part of the foreign exchange earnings to the banking system.
Late last year, VTB was the first Russian bank to launch cross-border transfers in Iranian riyals on its mobile app. You can send funds to both individuals and legal entities.
Earlier this year, RAKIB reported that Russia was negotiating with Iran to create a stable currency for foreign trade deals. Later, these plans were confirmed in the State Duma.
By the end of 2022, Russia became the leader in terms of investment in Iran.
Author:
Natalia Gormaleva
Source: RB
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