Iran seeks to get rid of dollar in trade transactions

Business Materials 3 December 2012 16:57 (UTC +04:00)

Azerbaijan, Baku, Dec.3/ Trend G.Mehdi/

The Central Bank of Iran hopes to get rid of dollar is its trade transactions while preserving the value of rial against foreign currencies, the ILNA reported.

Central Bank Governor Mahmoud Bahmani has said that unfortunately over the past 50 years, Iran's trade has been carried out mainly using dollar. So, the national economy has faced ups and downs with fluctuations in the dollar price, he added.

Concluding deals with countries which are not economically dependent on dollar is among the possible ways toward the goal, he said.

Iran conducted $65.4 billion in trade of non-oil goods with other countries during the first eight months of the current Iranian calendar year, which began on March 20, according to Iranian Customs Administration Director Abbas Memarnejad.

Iraq, China, and the United Arab Emirates were the three top importers of Iranian goods during the period, while the United Arab Emirates, China, and Turkey were the leading exporters of goods to Iran, Memarnejad said.

In July, Finance and Economic Affairs Minister Shamseddin Hosseini said Iran conducted economic transactions with 150 countries in the previous Iranian calendar year (March 2011-March 2012). And about 80 countries transited their products through Iran, he added.

Iran continues trading with the world at a brisk pace, even though certain countries are currently trying to create obstacles in order to hinder the country's economic progress, the finance minister said.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

U.S. sanctions entered into force on June 28, while EU bans on Iranian oil imports came into force on July 1.

In October, the EU approved another major package of economic sanctions on Iran.