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Iran to ditch U.S. dollar in official reports

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Staff Writer | January 30, 2017
Iran will stop using the U.S. dollar as its currency of choice in its financial and foreign exchange reports from the new fiscal year that begins in March.
Valiollah Seif
Finance   Valiollah Seif:
The governor of the Central Bank of Iran announced that. "Iran's difficulties with the dollar were in place from the time of the primary sanctions and this trend is continuing, but we face no limitations regarding other currencies," Valiollah Seif also said in a televised interview as reported by CBI's official news website.

Seif gave strong hints that the country may opt for euro in releasing its key economic reports.

Stressing that the U.S. dollar makes up a meager portion of the country's foreign trade, the official said it would not be logical for the US currency to be the base currency for economic reports under the current circumstances.

"In other words, we have to set a currency as the basis of financial reporting that has better stability and greater application in our foreign trade," he said.

According to Seif, who also heads the Money and Credit Council, the central bank has embarked on the process because Iran conducts the lion's share of its trade deals with the EU, China and the UAE.

This leaves the country with the two options of "selecting a basket of currencies or choosing the currency that plays the biggest part in foreign trade".