Iran, Oman plan to eliminate US dollar in bilateral trade transactions
(MENAFN) During a meeting between the governor of the Central bank of Iran (CBI) and a senior trade delegation from Oman, the Iranian side expressed its willingness to eliminate the use of the US dollar in the two countries’ trade transactions. CBI Governor Mohammadreza Farzin, who is also the head of the Iran-Oman Joint Economic Committee, explained that this strategic policy is based on sound economic and political reasons. According to Farzin, the US uses the dollar as a political tool, while other currencies in Asia are gaining strength against the dollar.
The CBI is fully prepared to reduce and ultimately eliminate dollar exchanges from the cycle of commercial and economic transactions between Iran and Oman. Furthermore, the grounds for conducting economic and commercial transactions based on the national currencies of the two countries are fully prepared. Farzin also referred to the positive negotiations between Iran and Oman last year regarding the development of monetary and banking relations, along with trade relations between the two countries.
Iran is now ready to employ international methods like clearinghouses, multilateral monetary agreements, and bilateral monetary agreements in trade transactions with Oman. This move signifies Iran's efforts to diversify its economic partnerships and decrease its reliance on the US dollar in international transactions.
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