Iran bans US dollar

Iran bans US dollar thumbnail

The government of Iran imposed new restrictions on the use of the US dollar in the country. The use of the US dollar for import operations in the Islamic Republic of Iran has been banned from February 28, Forbes reports with reference to Iranian media. – Peak Oil

Starting from February 28, any supply orders or other import declarations where US dollars are used will not be processed by the Iranian customs authorities.

According to Mehdi Kasraipur, the director of Foreign Exchange Operations and Policy Department of the Central Bank of Iran, the new rules should not affect current trading operations much, given that the use of the American currency in Iran was already limited. Iranian banks could not conduct operations in US dollars because of US sanctions.

“Given that the use of the dollar in Iran is already prohibited, traders use alternative currencies in their transactions. Therefore, there is no longer any reason to quote prices in dollars in invoices,” the official said.

It is worthy of note that the Iranian national currency, the rial, has dropped vs. the US dollar by eight percent this year. Specialists believe that most of Iran’s foreign trade transactions will be carried out in euros.

Advertisements

About chainsoff.

Intelligence Media Service, Monitors and Analyzes Extremists’ activities, including and not limited to: The Muslim Brotherhood, Kurdish Terrorism, Syrian Politics, Jabhet Al-Nusra, Hezbollah, Cyber Crime, and Taliban activities in Syria. Well known for her deep knowledge on Terrorism. Open Source Exploitation expert in the discovery, collection, and assessment of foreign-based publicly available information, also known as Open Source Intelligence (OSINT), HIMNT
This entry was posted in Iran, Uncategorized and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s