May 27, 2017 1228 GMT
According to the CBI, Iranian and Russian citizens will be able to use the two countries' ATM systems in mid-August, IRNA reported.
The development followed several rounds of talks and agreements between the two countries in the past few months.
Deputy Head of Iran-Russia Joint Chamber of Commerce Qadir Qiafi announced in March that the two countries' banks have signed several agreements to facilitate trade exchanges.
"Deputy governor of Central Bank of Iran, accompanied by the CEOs of leading banks, traveled to Russia to settle issues pertaining to banking. They inked deals with 10 Russian banks. We hope to see the results in greater facilitation of economic and trade exchanges soon," Qiafi told reporters in Tehran.
Expressing regret that trade exchanges have decreased due to the involvement of third parties, he said the two neighbors seek to boost annual trade exchanges to $3 billion from the current $2 billion.
Iran and Russia have hurried to further expand economic relations after the removal of sanctions against Tehran.