Iran ready to eliminate US dollar in foreign trade: Economy minister

TEHRAN (Tasnim) – Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia announced that the country is ready to eliminate US dollar in its bilateral trade with other countries.

In its bilateral trade with other countries, the Islamic Republic of Iran is ready to use the national currencies of those states, Tayyebnia told reporters in Beijing.

“Iran has already reached agreements with several countries to use national currencies in the bilateral trade and is willing to do the same with other countries as well,” he added.

Tayyebnia also touched upon Iran’s strategic situation in the Middle East region and its abundant natural resources and invited foreign investors to utilize the country’s investment capacities.

Replacing the US dollar with other currencies is something many countries have been after in recent years.

Back in January 2014, the World Bank’s former chief economist called for an initiative for replacing the US dollar with a single global super-currency, saying it will create a more stable global financial system.

“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. “The solution to this is to replace the national currency with a global currency.”

By Tasnim News Agency