The Government of the Islamic Republic of Iran launched the Iranian rial-Russian ruble trading pair at the Iran Currency Exchange, the Middle Eastern nation’s foreign exchange market, last Tuesday, July 19, 2022.
This event happened on the same day when Iran’s Supreme Leader Ayatollah Sayyid Ali Hosseini Khamenei met with Russian President Vladimir Putin. Khamenei has called for the gradual abandonment of the US dollar in bilateral exchanges.
We want to keep our followers, especially those holding Iranian rial and Russian ruble units, properly informed regarding the latest foreign exchange developments on these two foreign currencies.
We think this report about the Iranian rial-Russian ruble trading pair getting listed in the Iran Currency Exchange last week is pertinent for them to learn about today. Thus, we are posting it on our portal.
Iran and Russia are both under the United States-led Western sanctions. These two gas and oil-rich countries have banded together to neutralize the economic pressure the United States and the European Union members exert against them.
The launch of the Iranian rial-Russian ruble trading pair, which the Iran Currency Exchange has enlisted, is included in the first stage of the Iran-Russia banking measures package.
The latter was agreed upon during Central Bank of Iran Governor Ali Salehabadi’s recent trip to Moscow, Russia, according to the news posted online by Iranian news and documentary network Press TV.
Salehabadi remarked that the trade volume between Russia and Iran stood at US$4 billion and can be conducted via the Russian ruble and the Iranian rial, which trades at exactly 42,350 Iranian rials per US$1 at the time of writing this forex news, per foreign currency converter Xe.com.
Iran’s chief banker also affirmed that the US dollar would be gradually eliminated from Iranian-Russian economic transactions.
Salehabadi said the two nations had exchanged a memorandum of understanding to employ their national currencies in small-scale trade transactions.
The Iranian rial-Russian ruble trading pair’s listing on the Iran Currency Exchange will reportedly pave the ground for the US dollar demand to be decreased by US$3 billion per year.
Additionally, using the Iranian rial and Russian ruble, which trades at precisely 58 Russian rubles per US$1, instead of the US dollar and the euro could facilitate Iran and Russia to expand their economic ties in line with their national development programs.
We do not favor armed conflicts between nations, and we want to help the Iranian and Russian people who are presently in a difficult or unpleasant position due to the geopolitical turmoil involving their governments and the Western countries.
World powers like the United States and the members of the European Union have utilized their major currencies as political tools to pressure their sanctioned territories like Iran and Russia.
We gathered that using local currencies and inking multilateral and bilateral monetary agreements between Iran and Russia can effectively neutralize the financial impacts of the United States and the European Union’s sanctions on the two sovereign nations.
The US and the EU seem to dominate the latter under the world’s current political circumstances. We think the Iran-Russia international financial alliance’s new Iranian rial-Russian ruble trading mechanism can help the citizens of these two countries caught in the middle due to the Western sanctions.
After all, these people can trade in their national currencies, agreeing to benefit from and accept the Iranian rial and Russian ruble rather than the euro or the US dollar.