National currencies dominate Iran’s trade with Russia, Turkey

Financial Tribune – The governor of Iran’s central bank says the country has totally scrapped US dollar in trade with Russia and Turkey, and trade partners are using their national currency instead.

According to Abdolnasser Hemmati, all financial transactions with Russia and 30-40% of transactions with Turkey are currently conducted using their national currencies.

“About 30-40% of trade with Turkey are conducted with national currency and the rest in euro … no dollar transactions,” Hemmati told reporters on the sidelines of a regular Cabinet meeting on Wednesday, IRNA reported.

Hemmati underlined the need to scrap USD from trade transactions to eliminate US domination over foreign trade, noting that the practice is gaining traction in many countries.