85255
Iran Switch to Euro Reflective of Trade
Iran Switch to Euro Reflective of Trade
Wednesday, April 25, 2018

Iran Switch to Euro Reflective of Trade

Wednesday, April 25, 2018

Iran Switch to Euro Reflective of Trade

Iran’s decision to report foreign currency transactions in euro rather than the US dollar reflects the fact that the bulk of Iran’s foreign trade is with European and Asian countries and that it would be easier for the country, the head of Monetary and Banking Research Institute said. 
Ali Divandari also told a press conference on Tuesday that Europe is among Iran’s important trade partners and plays a significant role in Iran’s economic interactions and that the Central Bank of Iran and MBRI have worked together to make the shift toward euro in a way that would serve the country’s economic interests. 
“Most of Iran’s transactions in the post-sanctions era were with Asian and European banks, and as Iranian banks improve their adherence to international standards, more and more banks are willing to work with Iran,” Divandari was quoted as saying by MBRU’s website. 
The government mandated on April 18 that all state bodies use euro instead of the US dollar for financial reporting, as the country seeks to reduce its reliance on the American currency.  

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Short URL : https://goo.gl/JLiqLZ
04/25/2018
  1. https://goo.gl/mMVKSX
  • https://goo.gl/KjPFoD
  • https://goo.gl/Epaabj
  • https://goo.gl/Gy61pp
  • https://goo.gl/cRh68f

You can also read ...

Windfall Taxation on Gold Coin, Forex Trading
Government is to levy taxes on gold coin and foreign currency...
BMW, Mercedes Boxed in  by Tariff Battles
US President Donald Trump’s escalating trade spat threatens to...
China Auto Firms to Set Up Ride-Sharing Platform
Chinese firms FAW Group, Dongfeng Automobile and Chongqing...
Iran Could Join Russia’s Regional Payment Network
Russia is looking to establish a regional payment network in...
Yogurt Exports Top 29K Tons
Iran exported close to 29,483 tons of yogurt worth $29.14...
Exports From Fars Province Hit $1.3b
Exports from Iran’s southern Fars Province saw a 25% rise...
Challenges Ahead for Banking System
The chief executive of Bank Refah said limited overseas...
IMIDRO Concludes Largest Aerial Geophysical Survey
Iran’s largest mining holding has concluded the last stage of...

Add new comment

Trending

Googleplus