World Mulling over Ditching US Dollar

Speaking on the sidelines of a cabinet meeting. Hemmati said that the US sanctions regime has helped remove dollar from trade transactions between various countries.

He added that Tehran is making efforts to further strengthen trade transactions via national currencies. and render SWIFT – the Society for Worldwide Interbank Financial Telecommunication – practically useless.

Our recent talks with officials from Turkey and Russia centered on ditching dollar and bypassing SWIFT in our trade transactions. he said.

Accordingly. we are moving toward using alternative payment systems and conducting our business through national currencies. he added.

Noting that at the moment. a major part of Iran’s transactions with Russia. Turkey and Iraq is done via the use of national currencies. the CBI governor said we made a proposal to the Russian side for using an alternative payment system with the Eurasian Economic Union (EAEU) member states now that Iran is a member. too. and the Russian president welcomed the proposal.

New conditions will be formed in the banking transactions of regional countries. Hemmati promised.

SWIFT suspended access for several Iranian-based banks in November in the wake of US sanctions against the Islamic Republic.

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