Connecting Shetab Iran to Mir; A model for banking cooperation with BRICS and the region

The unveiling ceremony of the second phase of connecting the Iranian card payment network (Shtab) to the Russian payment network (Mir) was held in Tehran, in the presence of Mohammad Reza Farzin, Governor of the Central Bank of the Islamic Republic of Iran, Zulfiya Ghahramanova, Deputy Governor of the Central Bank of Russia, and a group of senior managers of the banking system. 

At the ceremony, Mohammad Reza Farzin, noting that banking infrastructure is a prerequisite for developing economic, political, and cultural relations between countries, said: Developing banking relations with BRICS member countries and the region is seriously on the Central Bank's agenda, and the model of connecting the Shetab to MIR network is considered a successful model for expanding these cooperations. He described this project as the result of close and technical cooperation between specialized teams of the Central Bank of Iran and Russia, and added: This plan is part of a comprehensive package of banking cooperation between Tehran and Moscow, which is designed to reduce dependence on unsafe Western infrastructures. 

Emphasizing the gradual elimination of SWIFT from Iran-Russia banking relations, Farzin stated: Connecting the Iranian Financial Messaging System (SEPAM) to the Russian SPFS system, establishing interbank brokerage relations, creating credit lines, and concluding monetary agreements are among the most important operational measures between the two countries in the field of banking. The Governor of the Central Bank stated: With the implementation of the Shetab and Mir connection plan, Iranian and Russian citizens can benefit from the banking services of the two countries during business or tourism trips without the need for international bank cards such as Visa or MasterCard. 

Pointing out that this cooperation model will not be limited to Russia, he continued: BRICS member countries have a high share in global trade, and technical negotiations are underway with other BRICS members and some countries in the region to implement this model. Criticizing the dominance of Western banking infrastructures over global financial interactions, Farzin said: These systems are not reliable for us and do not have sufficient security; Therefore, the Central Bank's strategy is to create secure and independent platforms by relying on domestic power and cooperation with allied countries. He also mentioned the positive results of economic diplomacy in opening banking channels and added: After the President's visit to Azerbaijan, banking problems between the two countries were quickly resolved, which indicates the key role of political interactions in advancing economic goals. 

Following the ceremony, Zelfia Kahramanova, Deputy Head of the Central Bank of Russia, considered the connection of Shetab Iran to Mir Russia an important step in facilitating the provision of banking services to citizens of the two countries and expressed hope that this cooperation will pave the way for further development of economic relations between Iran and Russia.