Iran replaces USD with euro in foreign transactions

Source: Xinhua | 2018-04-18 21:34:55 | Editor: huaxia

A close up shot shows Iran's various Rial banknotes, bearing a portrait of Iran's late founder of Islamic Republic Ayatollah Ruhollah Khomeini, next to United States one-Dollar bills bearing a portrait of first U.S. President, George Washington at a currency exchange office in a shopping centre in the capital Tehran on April 10, 2018. (AFP photo)

TEHRAN, April 18 (Xinhua) -- Iran's government replaced the U.S. dollar with the euro for its foreign trade transactions, state IRIB TV reported on Wednesday.

The decision of President Rouhnai's administration was made in a cabinet meeting on Wednesday.

Rouhani ordered the state-run institutions to use euro for their financial and statistics reports.

Besides, the Central Bank of Iran (CBI) was obliged to announce the exchange rates on the basis of euro steadily.

The new move by the Iranian government comes as the forex market in Iran went out of control and the value of local currency rial plunged sharply over the past weeks.

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Iran replaces USD with euro in foreign transactions

Source: Xinhua 2018-04-18 21:34:55

A close up shot shows Iran's various Rial banknotes, bearing a portrait of Iran's late founder of Islamic Republic Ayatollah Ruhollah Khomeini, next to United States one-Dollar bills bearing a portrait of first U.S. President, George Washington at a currency exchange office in a shopping centre in the capital Tehran on April 10, 2018. (AFP photo)

TEHRAN, April 18 (Xinhua) -- Iran's government replaced the U.S. dollar with the euro for its foreign trade transactions, state IRIB TV reported on Wednesday.

The decision of President Rouhnai's administration was made in a cabinet meeting on Wednesday.

Rouhani ordered the state-run institutions to use euro for their financial and statistics reports.

Besides, the Central Bank of Iran (CBI) was obliged to announce the exchange rates on the basis of euro steadily.

The new move by the Iranian government comes as the forex market in Iran went out of control and the value of local currency rial plunged sharply over the past weeks.