Iran Bans Using U.S. Dollar

Iran moved a step closer to a plan to ditch the dollar in its trade activities by announcing that purchase orders by merchants that are based on the greenback would no longer be allowed to go through import proceedings.

Iran’s domestic media reported that the policy was in line with an official request by the Central Bank of Iran (CBI) and was specifically meant to address fluctuations in market rates of the dollar.

IRNA news agency quoted Mehdi Kasraeipour, CBI’s director of Foreign Exchange Rules and Policies Affairs, as saying that the move had become effective from the 28th of Feb by virtue of a letter sent to the Ministry of Industry, Mines and Trade.