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link : Iran Fails In Breaking Away From The U.S. Dollar
Iran Fails In Breaking Away From The U.S. Dollar
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A money changer counts out US dollars for a customer, Tehran, Iran, Jan. 20, 2016. REUTERS/Raheb Homavandi
Maziar Motamedi, Al-Monitor: Iran's break with dollar easier said than done
A little over two weeks ago, Iran eliminated another function of the US dollar in its internal workings in a move positioned amid yearslong plans to reduce dependency on the greenback. The consequences will be manifold and interconnected, but there are discrepancies in views concerning what will happen as a result among experts and officials.
On Feb. 28, the Ministry of Industry, Mine and Trade announced by way of a directive that all traders are henceforth barred from registering their import orders in US dollars. The abrupt directive that is effective immediately was put into motion per a government request conveyed through a letter penned by Central Bank of Iran (CBI) head Valiollah Seif.
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WNU Editor: Smuggling is big business in Iran .... being responsible for 50% of imports (if the above article is correct). I doubt that smugglers are interested in being paid in Iranian rials for their goods.
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