Iranian President Ebrahim Raisi has called on the Central Bank of Iran to lay the root required to ditch the U.S. dollar for bilateral trade settlements and to produce the switch to utilize the Iranian real whenever possible. The Central Bank of Iran has already started implementing this policy, proposing to pay bilateral trades using Iranian reals in a recent high-position reunion with Oman’s minister of commerce.

Raisi Calls on Central Bank of Iran to Ditch Dollar

Iranian President Ebrahim Raisi has called for a policy move when it comes to the usage of the U.S. dollar in bilateral trades. On May 7, during a cabinet convocation after his visit to Syria, Raisi talked over the advancement of different nations similar as China and Russia in demoting their trade reliance on the U.S. dollar and called for the Central Bank of Iran to lay the root for moving to the usage of local currencies, similar as the Iranian real.

Raisi similarly referred to the strength of the Syrian market, and how the two nations could profit from a closer integration and trade relationship. He expressed:

The Syrian market has a high capacity and capability for Iran to increase the level of trade relations between the two countries.

Raisi newly reiterated that Iran would seek to join the BRICS bloc as a way of undermining the hegemony that the U.S. and different nations exert over the world, contributing to the establishment of a multipolar world in the future.

Central Bank of Iran Moves

The Governor of the Central Bank of Iran, Mohammadreza Farzin, simplified that Iran would pursue this proposed policy of ditching the U.S. dollar in trade settlements as a strategic policy.

The announcement, made on May 8 during a high-position meeting with Qais bin Mohammad Al Yousef, the minister of commerce and industry of Oman, remarked that the $1.8 billion bilateral trading balance could indeed raise with the usage of national currencies, according to Farzin.

On the reasons for abandoning the U.S. dollar, Farzin detailed that the U.S. was utilizing its currency as a political tool to put pressure on different nations, simplifying this was the reason the use of different currencies, similar to the Chinese yuan, had grown newly. Oman’s representative received the offer positively, stating that this shift would present advantages for both sides.

(Sergio Goschenko, Bitcoin.com, 2023)