Starting This Month, Iran’s Import Trade Prohibits The Use Of US Dollars

- Mar 13, 2018-

  According to the Iranian official IRNA news agency, starting from February 28, purchase orders in the import trade are not allowed to be based on the US dollar. The move responded to a formal request from the Central Bank of Iran to resolve the dollar exchange rate volatility.

  Mehdi Kasraeipour, head of Iranian central bank foreign exchange regulations and policies, said that this will not cause great trouble for traders because the proportion of US dollar in Iranian trade is not so high. Due to US sanctions, Iranian banking industry has been unable to use dollars for a long time. 

  He also stressed that Iranian businessmen need to inform the supplier to change the base currency of the order from US dollars to other currencies in order to ensure that the relevant import documents operate normally when entering Iran.