Iran’s decision to boycott dollars in Iran’s decision

Instead of dollars in foreign currency calculations, Iran will now use the euro. The Iranian government has taken this decision due to ongoing political dispute with Washington. The country’s state news agency quoted Reuters as saying.

Last week, Iran’s central bank governor, Waheelah Saif, welcomed his suggestion to receive the euro in the foreign exchange market, the highest leader, Ayatollah Ali Khamenei. He (Khamenei) said – Now there is no dollar place in our transactions.

According to Iran’s decision, now the Euro will be based on the basis of foreign currency in government institutions. Through this, there will be no mention of the dollar when presenting government reports and statistics. If foreign currency is required, then it will be done through the euro. The country’s central bank will also follow these rules.

As a result of the announcement of the new governmental agencies, as well as other related organizations, it is thought that the euro will be encouraged to use dollars instead of the dollar.

Iran has been trying to get out of the dollar for a long time. However, most of the country’s international transactions are still in dollars.

Since the United States President Donald Trump has come to power, there has been a renewed political tension with Iran. He will come out of the nuclear deal that has plagued the Trump of World Communications with Iran in 2015.

Banking transactions in the US are harder for Iran, because US banks are not interested in trading with Tehran due to legal risks. Foreign companies will also be in US sanctions if they make a deal with Iran. In addition, the recent US dollar restrictions have created an unrest in Iran’s foreign exchange market. The Iranian currency has lost half of its value against the real dollar since last September last week.