Iran is Ditching the Dollar
Iran Is Ditching The Dollar In Foreign Trade
REUTERS/Alexei Nikolsky/RIA Novosti/Kremlin Russian President Vladimir Putin, right, with his Iranian counterpart Hassan Rouhani in 2014. Iran is ditching the dollar.
January 27, 2015
Business Insider - Iran is no longer using the US dollar in foreign-trade transactions and is replacing it with other currencies, t he deputy governor at the Iranian Central Bank Gholami Kamyab said, according to Sputnik News .
"In trade exchanges with the foreign countries, Iran uses other currencies including Chinese yuan, euro, Turkish lira, Russian ruble, and South Korean won," Kamyab reportedly said.
He also reportedly added that Iran was considering bilateral currency-swap agreements, which would allow partners to exchange one foreign currency for the equivalent in the other currency. He did not explicitly name partners, however.
And over the past few years, Iran has been strengthening economic and military ties with others countries (including China and Russia) in an effort to circumvent the Western-imposed sanctions.
"It's a huge amount of money, Jonathan Schanzer, a former terrorism-finance analyst at the US Department of the Treasury, told Business Insider last year. "You can't ignore the fact that the Turks helped Iran with a massive sanctions-busting scheme."
REUTERS/Mark Ralston/Pool Rouhani with his Chinese counterpart Xi Jinping in 2014.
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