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Iran to replace dollar with other foreign currencies in its trade

Tehran, Nov 14, IRNA-Iran is to follow a transaction mechanism on the basis of currencies other than dollar in retaliation for the US anti-Iran banking policies.

"Since any transaction, made worldwide on the basis of dollar, should be checked in the Clearing House in New York, we decided in line with the the government's policies to carry out transactions in other hard currencies," said Minister of Economy and Finance Davood Danesh Jaafari in an interview with reporters on Tuesday.

Speaking on the sidelines of the E-Banking Conference, Danesh Jaafari said Iran plans to minimize use of dollar in its hard currency basket as certain US banks tried to disrupt Iran's dollar-based transactions.

The minister said the US anti-Iran move is more harmful to it than to Iran.

He said the move in Iran's banking system will in the long-run downgrade dollar as a hard currency.

"That's a move proposed not only by me as Iran's economy minister but also by former governor of US Central Bank who always had the first say in the US banking system and who expressed worry over devaluation of dollar in the world foreign currency exchanges," he said.

... Payvand News - 11/14/06 ... --

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