Iran Bans US Dollar in Trade Activities to Beat Sanctions

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.

The Ministry of Industries, Mining and Trademade 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 the sanctions,” 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 in bilateral 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.”

Articles by: Telesur

Disclaimer: The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible for any inaccurate or incorrect statement in this article. The Centre of Research on Globalization grants permission to cross-post Global Research articles on community internet sites as long the source and copyright are acknowledged together with a hyperlink to the original Global Research article. For publication of Global Research articles in print or other forms including commercial internet sites, contact: [email protected] contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of "fair use" in an effort to advance a better understanding of political, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than "fair use" you must request permission from the copyright owner.

For media inquiries: [email protected]