CandleFocus Iran's Digital Rial Near Launch, Central Bank Signals Progress
2024-11-26
Author: Content Editor
Iran's central bank, the Central Bank of Iran (CBI), has announced the imminent launch of the digital rial, a central bank digital currency (CBDC), to modernize the nation's financial systems and bolster international financial integration despite sanctions. The CBI Governor, Mohammad Reza Farzin, discussed the digital rial during a conference on modern banking and payment systems and confirmed its upcoming launch. The digital rial will operate independently of traditional bank accounts and will facilitate direct transfers between users without interbank settlement processes. Additionally, Farzin highlighted the implementation of the "ACU-MIR" system, which enables financial transactions with countries like India and Pakistan, as a way to address challenges posed by sanctions. He expressed optimism about efforts to integrate Iran's payment systems with other countries, particularly Russia, to strengthen international financial integration.
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