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Iran is looking to replace the US dollar with a “more relevant currency unit” in financial accounts as of the beginning of the Iranian new year on 20 March, Central Bank of Iran (CBI) governor Valiollah Seif says.
Ongoing US sanctions mean Iran has difficulties in dollar dealings. Mr Seif hints Iran may opt for the euro or a basket of the currencies in which it conducts the bulk of foreign trade.
He claims that only a small portion of the country’s foreign trade is actually carried out in dollars, rendering it illogical to consider the US currency as the base for economic reporting. The potential shift away from the US is perhaps a preemptive measure by Iran. Already sour relations between the incoming US administration of President Donald Trump and Tehran could yet worsen. (CONTINUED - 336 WORDS)