FNA- Governor of the Central Bank of Iran Valiollah Seif underlined that the country is working hard to replace dollar with a new foreign currency in its foreign transactions after US President Donald Trump ordered a visa ban for citizens of seven Muslim countries, including Iran.

"Iran would either replace the US dollar with a new common foreign currency or use a basket of currencies in all official financial and foreign exchange reports," Seif said on Tuesday.

Seif also said that the move would take effect from the start of the new fiscal year on March 21, 2017.

Iran�s emerging switch to non-dollar currencies comes at a time that outrage is building up in the country over an executive order by the new US president to ban Iranians from entering the United States.

Apart from Iran, citizens of Iraq, Libya, Somalia, Sudan, Syria and Yemen have also been banned from entering the US for a period of 90 days.

The move drew an immediate reaction from Iran with the country's Foreign Ministry pledging a response in kind.