Oil Trade on Iran Energy Exchange in Rials

Iran's Supreme Council of Economic Coordination – a special body comprising heads of the three branches government – has agreed to the total settlement in rials of payments for crude oil sales on the Iran Energy Exchange.
Mohammad Reza Pour-Ebrahimi, chairman of the Majlis  Economic Commission said the motion was proposed by the Oil Ministry and was approved by the SCEC to facilitate crude oil export on IRENEX. 
“It was agreed to settle oil payments entirely in rials…. This is a new incentive created for buyers on IRENEX”, he told state TV.