Iran and Brazil mulling trade in national currencies

Iran and Brazil have agreed to explore the use of their national currencies in bilateral trade, aiming to boost economic cooperation.

ISNA reported that Iran and Brazil reached the agreement during a meeting between Deputy Central Bank Governor Asghar Abolhasani and Tatiana Rosito, Brazil's Secretary for International Affairs at the Ministry of Finance, held at a BRICS meeting in South Africa.

The nature of the agreement, whether written or a memorandum of understanding, was not specified.

Both sides highlighted the potential for increased trade and pointed to the need for leveraging BRICS mechanisms to enhance banking and financial ties.

Iran also held separate talks with Russia, India, South Africa, and the UAE, advocating for expanded financial collaboration within the BRICS bloc.

Last January, Iran officially became a member of the China-led BRICS economic organization, as it seeks to overcome the impact of US sanctions and overcome it isolation.