Chairman of the Executive Board of the Central Bank of Iran signed an official decree to cease foreign trade transactions in the U.S. dollars. In other words, Iran halts the foreign trade settlements in the U.S. dollar. Alternatively, the government proposes using the Russian ruble, the Chinese yuan, the Turkish lira, and the South Korean won. The tendency to abandon the U.S. dollar has been gaining momentum in recent years. More and more countries are trying to limit the volume of foreign trade payments in this currency. For example, one of the largest Russian fuel companies Gazprom Neft asked its foreign customers and partners to use rubles paying for its products. Other oil companies received such recommendations from VTB Bank Chairman and CEO Andrei Kostin. France also rejects the dominance of the U.S. dollar in international transactions speaking against the supremacy of "oil dollars". Politicians are calling for a change in the balance of currencies used for global payments. It is clear that the complete elimination of the U.S. currency is impossible but a notable reduction will have a positive effect. Currently, Iran wanted to stop payments in the U.S. dollars. The central bank is studying the possibility of concluding a series of bilateral agreements with several countries on the use of other currencies for settlements. Importantly, the Iranian importers of raw materials have difficulties in obtaining foreign currency from the central bank. Experts believe that it happens because of the fall in oil prices and the effect of international sanctions imposed amid the Iran's nuclear program.
