Announcing the Central Bank's readiness to connect payment networks to business partners

The deputy head of the Central Bank announced Iran's readiness to develop the connection of the country's payment network with the payment networks of business partners and expand regional cooperation with the aim of facilitating cross-border payments.

According to the report of Ambassador Arjan Vahid Majed, the deputy monetary policy of the Central Bank as the representative of Iran in the third round table of Eurasia on the sidelines of the annual meetings of the International Monetary Fund and the World Bank Group in Thailand, referring to the development of local infrastructures and the continuation of their activities in the conditions of sanctions and international restrictions, he called it one of the important features of Iran's experience and called this issue a capacity for the development of international communications and international cooperation, including in conjunction with Iran's previous proposal in BRICS Launching a dedicated financial corridor for Eurasian countries.

According to the announcement of the Central Bank, the representative of Iran stated regarding the public statistics published in the country that are publicly accessible: Only in Shahrivar 1405, more than 4.8 billion electronic transactions worth about 4,410,000 billion Tomans were made in the country's card payment network.

Referring to the publicly published statistics of the Electronic Commerce Development Organization, which declared the value of Iran's e-commerce transactions in 1403 to be about 5,500,000 billion Tomans, Majid clarified: The published figures show the widespread use of digital payment tools in Iran's economy.

Introducing the general experience of this bank in the design and experimental implementation of the digital rial, the vice president of monetary policy of the Central Bank of the Islamic Republic of Iran pointed out the development of digital wallets, QR code-based payment and money transfer between wallets and said: The Central Bank of Iran is a leader and companion in using international experiences. In such a way that Iran can be considered as an effective member in setting up an international payment corridor in the region and with high capabilities.

According to Majid, one of the topics of discussion is the possibility of developing the connections of the country's payment network with the payment networks of business partners and regional cooperation capacities to facilitate cross-border payments.

It should be noted that, in another part of this meeting, monetary stability, risk management of stablecoins, cyber security and resilience of financial infrastructure were discussed. Also, Iran's experience in the continuation of domestic payment services despite international restrictions, along with operational and security challenges, was one of the other important axes of this discussion, which emphasized that the resilience of Iran's financial and payment system, despite the sanctions, can be used by the group of Eurasian countries, including Russia.

It should be noted that the participation of the representative of Iran in this round table provided an opportunity to introduce the practical experience of the country in the development of digital payment systems and plan the fields of experience exchange and specialized cooperation with regional economies in the field of new financial technologies, cross-border payments and resilience of financial infrastructure.