Financial Tribune

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Iran Currency Market Gearing Toward Euro

The ban imposed by the Industries Ministry on import orders based on US currency seems to be a win for the European currency.

Announced last week, the ban blocks imports priced in the US dollar for Iranian traders and is in line with the recent policy of the government and the Central Bank of Iran for sidelining the dollar.

According to Reza Boostani, an economist, the measure will pave the way for the Iranian foreign exchange market to have more transactions in euro.

“The use of dollar [in trade] is no longer easily done due to international restrictions and this increases the cost of transactions,” Boostani was quoted as saying by Tehran Chamber of Commerce’s website.