Iran Bans US Dollar in Trade Activities to Beat Sanctions

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..https://www.telesurtv.net/english/news/Iran-Bans-US-Dollar-in-Trade-Activities-to-Beat-Sanctions-20180301-0028.html.Iran Bans US Dollar in Trade Activities to Beat Sanctions.....

Iran Bans US Dollar in Trade Activities to Beat Sanctions

 

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  Iran has banned the use of the U.S. dollar in all trade, prohibiting businesses from registering their import orders using the currency. | Photo: Reuters

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Published 1 March 2018 (2 hours 22 minutes ago)

 

   

 

Mehdi Kasraeipour, the Central Bank of Iran's director of foreign exchange rules and policies, said the move is unlikely to meet with resistance.

Iran has banned the use of the U.S. dollar in all trade transactions, prohibiting businesses from registering import orders using the currency.

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The Ministry of Industries, Mining and Trade made the announcement Wednesday, following an official request by the Central Bank of Iran (CBI). It is meant to address fluctuations in the dollar.

Mehdi Kasraeipour, CBI's director of foreign exchange rules and policies, said the move is unlikely to meet with resistance, considering that the dollar has a low share in Iran's trade activities.

"It has been for a long time that Iran's banking sector cannot use the dollar as a result of thesanctions," he said.

Iran has since implemented a new electronic system to purchase foreign currencies on a wider scale.

The country has long been seeking to make the move, having signed many agreements with other nations on using national currencies inbilateral trade.

In November, when Iranian Supreme Leader Ali Khamenei met with Russian President Vladimir Putin, he had said that in order to beat U.S. sanctions, the two could dump the U.S. dollar in trade, a strategy that could "isolate the Americans."

 

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[ChuckFinley]

Black market is full of USD 

[new york kevin]

32 minutes ago, ChuckFinley said:

Black market is full of USD 

Chucky, I was gonna say the same thing.  Also you know they may be pulling USD off of their market, so even if they are you know they are keeping it in their reserves. Weren't they smuggling USD out of Iraq a few years ago to put in their coffers? Yup they was. Supposedly Iraq stopped that when they worked to shut down the smuggling trade via the corrupt. We shall see.