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Iran bans using dollars in its trades

President of Iran Hassan Rouhani
Iran announced Wednesday banning trading with foreign merchants using the U.S. dollar, in an attempt to address fluctuations in market rates of the dollar, according to Iran’s local media reports. 

 The new policy came in line with an official request by the Central Bank of Iran (CBI) to implement economic reform that can overcome the market swings.

The decision came into effect from Wednesday by after sending a letter to the Ministry of Industry, Mines and Trade, according to Mehdi Kasraeipour, CBI’s director of Foreign Exchange Rules and Policies Affairs.

Kasraeipour ruled out that this would cause trouble for traders, because the share of the dollar in Iran’s trade activities was not high.

“Iran’s banking sector hasn't been using the dollar for a long time due to the sanctions,” he said.

American banks are still banned from dealing with Iran as part of an old U.S. trade embargo that still remains in place.
Last Modified: Friday، 02 March 2018 10:49 PM
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