FX.co ★ Ankara and Tehran to stop using US dollar

Turkey and Iran are moving away from the dollar. The countries agreed on trading in local currencies. In bilateral trade, now it is possible to use the Turkish lira and Iranian rial; the transactions will be made through local banks.

This information comes from official sources, as the media make reference to Deputy Minister of Industry and Trade of Iran Sadegh Najafi-Khazarlou.

The senior official made it clear that the mutual agreements between Turkey and Iran could be further developed. There are many ways of doing business, and Najafi does not exclude the possibility of using electronic money.

The idea of trading in national currencies appeared in October 2017 during the Turkish President's visit. In this way, Ankara and Tehran planned to protect economic cooperation from the pressure that occurs due to the exchange of currencies.

Turkey can also switch to e-currency trading with Russia. Agreements between the trade partners have not yet been reached, but this measure is actively discussed at a high level.