Cartoon by Shahrokh Heidari

Iran’s Central Bank says to launch digital Rial in near future

Iran Front Page: Governor of the Central Bank of Iran Mohammad Reza Farzin has announced that the digital Rial will begin operations soon. He also stressed that the development of modern banking is one of the central bank’s key ongoing goals.

Farzin highlighted the importance of the digital Rial and the establishment of an intelligent financial system, stating that Iran has entered this domain at the right time.

He added that many countries are already using digital currencies, which can enhance the efficiency of their financial systems. Some countries are still in the research phase or have moved to trial stages, and Iran is currently in the testing phase, with pilot operations taking place in Kish Island, Southern Iran.

According to Farzin, the digital Rial is already being used in Bank Mellat, Bank Tejarat, and Bank Melli, with plans to extend its use to five more Iranian banks in the near future.

Regarding international banking interactions, Farzin pointed out that sanctions pose the greatest challenge for Iran.

However, he emphasized the successful efforts made over recent years to address this issue, including the design of the “ACUMER” system, an alternative to SWIFT, which has been operational since October 1, 2024.

Farzin expressed hope that ACUMER will be further developed, facilitating expanded financial interactions with countries in the Asian Clearing Union.