Tehran, Iran, Sept. 30
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Secretary-General of Iran-Turkey Council Seyyed Jalal Ebrahimi said Iran, Turkey, China and Russia have ditched the US dollar in their trade and currently doing business in their national currencies.
“Currently, Iran with Turkey, Turkey with China and Turkey with Russia are using their national currencies in their trades,” Ebrahimi told ISNA on September 30.
The four countries are seeking to use a new payment system instead of the SWIFT global payment network, he added.
This could help facilitate the trade between the four countries to a large extent, the official noted.
Ebrahimi said a landmark currency swap deal between Iran and Turkey is one example that the two countries could use their local currencies instead of the euro and the dollar.
The deal allocates a credit line of 5 billion Liras and its equal amount in Iranian Rials. It would be used to facilitate the proceedings for the opening of letters of credit by merchants on both sides of the border.
The four countries could circumvent US sanctions and pressures with boosting their trade and ditching the US dollar, the official said.
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