Iran’s central bank stops US dollar transactions, adopts RMB

Iran’s central bank has announced that it will stop mutual settlements in the US dollar with other countries, with the Chinese yuan or renminbi being named as one of the alternatives.

In trade exchanges with foreign countries, Iran uses other currencies, including yuan, euro, Turkish lira, Russian ruble and South Korean won, Gholamali Kamyab, deputy head of the Central Bank of Iran, told the country’s Tasnim news agency.

This is not the first time Iran has attempted to reduce its reliance on the US dollar. Back in April 2008, an official from Iran’s Ministry of Petroleum was quoted as saying that the country had completely stopped using the dollar in foreign oil transaction settlements.

Full article: Iran’s central bank stops US dollar transactions, adopts RMB (Want China Times)

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