Iran, Brazil review BRICS mechanism for banking cooperation

Top financial officials of Iran and Brazil have met to exchange views about making use of potentials to develop bilateral trade ties and multilateral relations under the BRICS emerging economies’ mechanism.

The meeting was held on the sidelines of the 2023 annual meetings of the International Monetary Fund (IMF) in Morocco  between Governor of Central Bank of Iran (CBI) Mohammad Reza Farzin and his Brazilian counterpart Roberto Campos Neto, it is reported on Sunday.

Farzin, in the meeting, said expansion of banking and trade relations between Tehran and Brasilia will of benefit to both countries in the present conditions.

Making use of the potentials of Iran and the BRICS emerging economies of Brazil, Russia, India, China and South Africa will lead to increase in banking ties among the mentioned states in a short-time period, the CBI chief noted.

For his part, the Brazilian official stressed the importance of strengthening Brasilia-Tehran ties in various issues.

Roberto Neto proposed use of the BRICS potentials to establish mechanism for promotion of financial cooperation.

The Islamic Republic of Iran officially became a member of the BRICS bloc of emerging economies in August, 2023.