The ban on the use of the US dollar as the foreign currency for registering import orders was the most important event in Iran's trade sector in the past few days. In case the policies are correct and effective, the move can minimize the role of the US dollar in the national economy.
Iran doesn’t leave attempts to get rid of the financial hegemony of the US dollar and is still seeking ways for transition to clearing accounts in national currencies with its close and friendly trade partners.
The Russian government will intensify efforts to cut the country’s dependence on US payment systems and the dollar as a settling currency, said Deputy Foreign Minister Sergey Ryabkov on Monday, as quoted by RIA Novosti.
Gold has hit to its highest level in over a month on Tuesday buoyed by a weaker US dollar before a news conference by US President-elect, Donald Trump on Wednesday and Britain's uncertain exit from the European Union.
The runaway dollar has sparked serious concerns in Iran over what many believe could eventually prove costly for a country which has been planning for months to reap the benefits of the removal of the sanctions.