Economy, Business And Markets

Iran Switch to Euro Reflective of Trade

Iran Switch to Euro Reflective of Trade
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.  


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