Thursday, May 23, 2024

Central Bank chief: Facilitating de-dollarization Iran’s strategic policy

The head of the Central Bank of Iran says the country is determined to help realize de-dollarization in international transactions, describing the approach as a “strategic policy” for the Islamic Republic.

Mohammad-Reza Farzin referred to the Asian Clearing Union (ACU) Summit, planned to be held in June in Tehran, saying the event will, among other things, focus on eliminating the US dollar from trade among the member states.

He added that de-dollarization can be achieved through swap trade as well as bilateral and multilateral monetary agreements between countries.

The US has long been using its national currency as an economic pressure tool to curb the development of independent states that refuse to follow its lead.

The coercive policy has led to a growing inclination on the global stage to eliminate the US dollar from their financial transactions.

Many countries hit by US sanctions have so far voiced support for de-dollarization, mainly Iran, Russia, and China.

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