Iran offered to abandon the US dollar

Deputies of the Parliament of the Islamic Republic sent to the speaker of the Majlis a legislative initiative providing for a complete ban on the use of the US dollar in foreign and domestic trade of the country. This was reported by Tasnim agency.

“The holders of the US dollars will have a deadline for converting us currency into goods, Iranian rials or other foreign currencies before the date of entry into force of the mentioned law”, the text of the proposal reads.

If the relevant law is adopted by a majority of Iranian parliamentarians, it will enter into force 60 days after its adoption.

Recall that Iran’s relations with the United States have deteriorated sharply after the unilateral withdrawal Washington from the Joint comprehensive action plan on Iran’s nuclear program in May last year. After that, the administration of the US President Donald Trump restored tough economic sanctions against Tehran and threatened with secondary restrictions to foreign companies that will continue to do business with Iranian partners. In response, the Iranian authorities began to search for ways to circumvent American sanctions. Thus, Iran has previously stated that Tehran has agreed with Turkey, Russia, China and Iraq on the refusal of mutual trade from the US dollar and the transition to mutual settlements in national currencies.