Iranian Economy Minister Seyed Shamseddin Hosseini said Monday that Tehran plans to exclude the currencies of the Western states, specially US dollar and euro, from its foreign trade transactions, semi-official Fars news agency reported.
According to Fars, in July 2010, Iran’s First Vice-President Mohammad-Reza Rahimi announced that the “country plans to replace dollar and euro with other currencies in its oil trades.”
In 2005, Iranian President Mahmoud Ahmadinejad proposed for the first time a switch in the country’s transactions from dollar to euro as a counter-measure to the US moves against Iran’s controversial nuclear program.
In June 2010, Press TV reported that since October 2007 Iran had received 85 percent of its oil revenues in currencies other than dollar.
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