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Iran is to skip USD in its global transactions

15 March 2019 10:55 (UTC+04:00)
Iran is to skip USD in its global transactions

By Trend

Removing US dollar from Iran's global transactions is a new guideline to the country's trade relations, said the Governor of Iran's Central Bank Abdolnaser Hemmati.

Referring to agreements with Iraqi officials, Hemmati said that considering the current approach in Iran-Iraq economic and trade ties and with other neighbors including Turkey, Azerbaijan and Afghanistan, one can speak of the changes in destination of Iran's exports of goods and services, Trend reports citing IRNA.

He noted the US sanctions have failed in reality and eventually, it would led to a change in the structure of Iran's trade. "The immediate reaction of related public organizations will hasten the change."

"The transaction limit between Iran and Iraq is due to US sanctions that have created complexity in banking relations of the two countries. Nevertheless, our Iraqi counterparts will use special payment mechanism in trade, so we will be able to receive the payment for exported goods," he added.

Hemmati noted that the next step is to ensure a balance in trade between neighboring countries that will reduce Iran's dependency on direct imports and instead important part of exports from these countries will be re-exported to Iran.

"At the moment we are in a special situation to use national capacity for boosting domestic production, exports and cutting dependency on oil exports and importing goods that would have important role in defeating sanction."

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