Iran bans use of U.S. dollar in trade

Tehran has announced that purchase orders by merchants that are based on US currency would no longer be allowed to go through import procedures.

According to local media, the policy is in line with an official request by the Central Bank of Iran (CBI) and is specifically meant to address fluctuations in market rates of the US dollar.

The CBI’s director of Foreign Exchange Rules and Policies Affairs, Mehdi Kasraeipour, was quoted by IRNA news agency as saying the move had become effective from Wednesday by virtue of a letter sent to the Ministry of Industry, Mines and Trade.