15:18 GMT29 October 2020
Listen Live
    Middle East
    Get short URL

    Deputy governor at Iranian Central Bank stated that Iran no longer uses the US dollar in foreign trade transactions, replacing it with other currencies.

    MOSCOW, January 24 (Sputnik) Iran no longer uses the US dollar in foreign trade transactions, replacing it with other currencies, the deputy governor at Iranian Central Bank told the Tasnim News Agency Saturday.

    “In trade exchanges with the foreign countries, Iran uses other currencies, including Chinese yuan, euro, Turkish lira, Russian ruble and South Korean won,” Gholamali Kamyab told the news agency.

    The official added that Iran was considering bilateral currency swap agreements, allowing partners to exchange one foreign currency for the equivalent in the other currency.

    In early 2014, Justin Yifu Lin, the former World Bank Chief Economist, blamed the dominance of the US dollar for global economic crises and said it should be eliminated as the world’s reserve currency.

    According to Lin, the solution would be to replace the national currency with a global currency.

    Several countries have been avoiding the US dollar in foreign trade, including Russia, China, India and Turkey, often paying for products in gold or other agreed on currencies.


    Iran, US Talks ‘Tense’, Too Early to Speak of Progress
    New Anti-Tehran Sanctions May Undermine Iran Nuclear Deal: US Envoy
    Iran Tries to 'Speed Up' Nuclear Talks With US Representatives in Geneva
    New US Sanctions Against Iran Violate Geneva Nuclear Deal: Iranian Diplomat
    US Denies Prisoner Swap With Iran for Iranian-American Ex-Marine: DoS
    dollar, World Bank, Justin Yifu Lin, Gholamali Kamyab, Iran
    Community standardsDiscussion