News ID: 258903
Published: 0243 GMT September 18, 2019

CBI: US sanctions helped remove dollar from trade transactions

CBI: US sanctions helped remove dollar from trade transactions

Speaking on the sidelines of a cabinet meeting on Wednesday, the Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that the US sanctions regime helped remove the dollar from trade transactions between various countries.

He added that Tehran is making efforts to further strengthen trade transactions via national currencies, and render SWIFT – the Society for Worldwide Interbank Financial Telecommunication – practically useless, reported Fars News Agency.

“Our recent talks with officials from Turkey and Russia centered on ditching the dollar and bypassing SWIFT in our trade transactions,” he said.

“Accordingly, we are moving toward using alternative payment systems and conducting our business through national currencies,” he added.

Noting that at the moment, a major part of Iran’s transactions with Russia, Turkey and Iraq is done via the use of national currencies, the CBI governor said, “We made a proposal to the Russian side for using an alternative payment system with the Eurasian Economic Union (EEU) member states now that Iran is a member, too, and the Russian president welcomed the proposal.”

“New conditions will be formed in the banking transactions of regional countries,” Hemmati promised.

SWIFT suspended access for several Iranian-based banks in November in the wake of US sanctions against the Islamic Republic.

On Friday, Russian Presidential Aide Yury Ushakov told reporters that Russia and Iran are organizing cooperation between the Russian financial messaging system and Iran’s SEPAM as an alternative to making payments through SWIFT for protection against third countries’ sanctions.

“To protect bilateral trade and economic ties from the sanctions of third states, we are taking measures to expand direct settlements, use national currencies, and to establish interaction between the Russian financial messaging system and Iran’s SEPAM, as an alternative to making payments through SWIFT,” said Ushakov.

 

   
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