Iran, Russia to agree on local currency use in mutual trade

According to media reports, Iran and Russia have initially come to an agreement to use local currencies in mutual trade transactions in an attempt to replace the US dollar.

The absence of branches of the local banks in the two countries and broker relations between the two parties were the main issues to be resolved. As part of the agreement that has initially been made, Russia will reportedly abolish the tariffs on exports of goods from Iran.

The reports also revealed that the new trade agreement involves increasing the trade volume between the two countries from $1.5 billion to $10 billion.

The central banks of the two countries will reportedly hold a meeting soon about the official date the agreement will be validated.