Concluding monetary treaties to break monopoly of US dollar

MNA – Member of Iranian Parliament Economic Commission Ahmad Anaraki Mohammadi believes that conclusion of monetary pacts with other countries can break the monopoly of US dollar.

Replacing and ditching US dollar can demonopolize dollar and it is a basic and fundamental solution for settling economic problems and overcoming new round of sanctions imposed by US on Iran.

Turning to the necessity of replacing US dollar in order to bypass sanctions, he said, “Islamic Republic of Iran neighbors with 15 countries and can conclude bilateral or multilateral monetary agreements with all of them.”

Many countries have resorted to currencies other than US dollar for their economic exchanges, so that Islamic Republic of Iran can welcome this issue as well, he reiterated.

The plan on ditching US dollar is strictly followed up in the Parliament, he said, adding, “we expect the respected government to take urgent action with regard to replacing US dollar, because, severe US dollar volatilities has created numerous problems for economic situation of the country.”

Islamic Republic of Iran should follow up US isolation in international arena with ditching US dollar, Anaraki emphasized.

Currently, Islamic Republic of Iran is doing business with countries like China and India based on bilateral monetary treaty, he said, adding, “certainly, many countries are ready to conclude bilateral monetary treaties with the Islamic Republic of Iran to undermine the role of US dollar in international trade ties.”

He once again pointed to the replacement of US dollar in bilateral trade exchanges which can help country solve its economic problems and urged government to precisely follow up the issue.”