The governor of the Central Bank of Iran (CBI) announced that readiness of Iran to launch a joint financial institution among member states of the BRICS.

According to The Iran Project, Iran and Russia are seriously determined to ditch US dollar and use their national currencies instead, Mohammad Reza Farzin added.

Speaking among the Russian economic activists in Russia's St. Petersburg , the CBI governor emphasized the need for developing banking cooperation between Iran and Russia, taking advantage of the capacities of the regional financial institutions and using the local currencies to avoid the cruel sanctions imposed against the two countries and also reducing the dominance of US dollar at the financial transactions.

Farzin called for launching a financial institution similar to the Financial Action Task Force (FATF) among BRICS member states and emphasized that Iran is ready to provide Russia with the necessary technical facilities for Russia’s membership at the Asian Clearing Union (ACU).

The high-ranking officials of Iran and Russia are seriously determined to use the local currencies in bilateral transactions, he said, adding that if Iran uses ruble, yuan, dirham and rial in transactions between Russia, Iran, China and other countries, a big baking barrier would be removed in bilateral trade.

The Asian Clearing Union (ACU) is a very good platform for the ditching of US dollar in financial transactions among member states.

Presently, India and Pakistan are members of the union and Belarus has recently raised its membership at the union, and Iran has invited Russia to joint the union, the CBI governor added.