Tehran: The Governor of the Central Bank of Iran (CBI) Mohammad-Reza Farzin has stated that substantial measures concerning banking issues have been taken to counter the unjust sanctions against Iran. The CBI governor made the remarks at the 11th Conference on Modern Banking and Payment Systems in the capital Tehran on Monday. Farzin noted that sanctions have posed the greatest challenges to the banking sector; however, Iran has made efforts and managed to maintain interactions. According to Islamic Republic News Agency, the top Iranian banker explained that the Asian Clearing Union (ACU) was established in 1974 but had limited activity. He added that the secretariat of the union was formed in recent years with the aim of conducting interactions, including with India and Pakistan, which are members of the union. One of the measures was to launch a new banking system called ACUMER to replace SWIFT, which is now active, he noted. Farzin further mentioned the development of cooperation within the BRICS group, stating that Iran has been making efforts to expand its ties with the bloc and its member states. This is particularly significant in the wake of decreased trade with Western countries. He also highlighted the connection between Russia's MIR and Iran's Shetab banking systems as another achievement by Iran to develop its banking interactions.