Planning to create a joint monetary fund between Iran and Brazil

The value of Brazil’s exports to Iran is about 6 billion dollars; while the value of Iran’s exports to Brazil reaches 1.2 billion dollars, most of this figure is made up of petrochemical products.

Also, 7 to 8 billion dollars of goods are imported from Brazil to Iran every year, and Brazil’s imports to Iran include basic goods such as corn, soybeans, soybean meal, edible oil, sugar, and meat. In fact, livestock input is considered as one of the main influencing factors in the price of red meat, chicken meat, eggs, milk and other dairy products, and any fluctuation and lack of it will disrupt the market. Most of our country’s corn imports come from the export destinations of Brazil, Russia, and Argentina.

The biggest challenge between Iranian and Brazilian businessmen is money transfer, which can be easily solved due to Iran’s presence in BRICS and with the agreement of the banks of the two countries and the establishment of a common monetary fund, it is possible to pay the foreign currency claims resulting from the export or import of the merchants of both countries. Iran’s determination to establish a joint bank with Brazil is very serious, and serious efforts have been made to establish a relationship with two Brazilian banks and establish a joint bank by both countries, which we hope will be announced before the end of this year.