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Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin said on Monday that Iran and Russia had also set up financial settlement arrangements to avoid using the dollar-based SWIFT banking system.<\/p>\n
\u201cWe have a monetary pact with Russia and don\u2019t use the dollar in our ties,\u201d Farzin told reporters after a ceremony to inaugurate the link-up\u00a0between Iranian and Russian payment systems.<\/p>\n
Both Iran and Russia are under a series of sanctions by the US and allies in the West which impose restrictions\u00a0on access to international banking and financial services.<\/p>\n
The two already use Iran\u2019s Sepam financial messaging service to get around the SWIFT.<\/p>\n
Linking payment systems in the two countries, which came on Monday, allows Iranian bank card holders to withdraw cash from automated teller machines in Russia.<\/p>\n
Reports said a second stage of the project would involve the same access for Russian card holders in Iran and a third phase would enable Iranians to use point-of-sale machines in Russia for shopping and other services.<\/p>\n
Farzin said that Iran is seeking to link its Shetab\u00a0system to payment services in other countries.<\/p>\n
\u201cWe have plans for other countries in this regard but it is not possible to identify those countries in the current circumstances,\u201d said the CBI chief.<\/p>\n
MA\/Press TV<\/p>\n<\/p><\/div>\n
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