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Iran to ditch dollar in foreign trades: CBI governor


The Central Bank of Iran
Tue Feb 28, 2012 10:38AM GMT
Iran does not just work with dollar in trade transactions and every country can pay its own currency.”
Head of the Central Bank of Iran Mahmoud Bahmani
Governor of the Central Bank of Iran Mahmoud Bahmani says the country can trade in currencies other than the American dollar in its foreign transactions.


“Iran does not just work with the dollar in trade transactions and every country can pay in its own currency,” said Mahmoud Bahmani on Tuesday.

Bahmani added that Tehran could receive gold in its transactions instead of currency transfers.

In case a country is willing to pay for the price of its imports from Iran in gold, there is no problem in this respect, he noted.

According to Bahmani, Iran imports commodities from China and India in exchange for the countries’ currencies.

Tehran’s move is aimed at bypassing the upcoming freeze on CBI’s assets and the oil embargo, which the European Union's foreign ministers agreed to impose on the Islamic Republic.

EU foreign ministers agreed to ban oil imports from Iran on January 23 and to freeze the assets of the Iranian Central Bank across the EU in a bid to pressure Iran over its nuclear program.

The sanctions will become fully effective on July 1, 2012, to give EU member states enough time to adjust to the new conditions and find alternative crude oil supplies.

Despite the widely publicized claims by the US, Israel and some of their European allies that Iran's nuclear program may include a military aspect, Tehran insists its nuclear work is civilian in nature.

Iran argues that as a signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to develop and acquire nuclear technology for peaceful purposes.

YH/GHN

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