Iran to Ditch US Dollar in Financial Reporting: CBI Chief

Iran to Ditch US Dollar in Financial Reporting: CBI Chief

TEHRAN (Tasnim) – Governor of Central Bank of Iran (CBI) Valiollah Seif announced that the country will no longer use the American currency in its official statements.

Tehran is seeking to replace the dollar with a new common foreign currency or use a basket of currencies in all official financial and foreign exchange reports, Seif said.

He further emphasized that the move would take effect from the start of the new fiscal year on March 21, 2017, the media reports said. 

Speaking to Tasnim, the top banking official said Iran’s oil export revenues are deposited into the country’s bank accounts in foreign countries and used for imports.

“Now, we are using 100 percent of the revenues from oil exports,” the CBI chief noted.

Replacing the US dollar with other currencies is something many other countries have been after as well.

In January 2014, the World Bank's former chief economist called for an initiative for replacing the US dollar with a single global super-currency, saying it will create a more stable global financial system.

"The dominance of the greenback is the root cause of global financial and economic crises," Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. "The solution to this is to replace the national currency with a global currency."





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