Iran Bans Use Of US Dollars In Trade | Zero Hedge
Description: "Considering that the use of the dollar is banned for Iran and traders are literally using alternative currencies in their transactions, there is no longer any reason to proceed with invoices that use the dollar as the base rate."

Skip to main content

## Four Key Themes To Drive Gold Prices In 2018

by GoldCore - Mar 1, 2018 7:32 am

Monetary policies, frothy asset prices, global growth and demand and increasing market access important in 2018 - WGC. Listen to latest Goldnomics podcast

## Is Canada ready for a female-run central bank?

by Sprott Money - Mar 1, 2018 4:00 am

Women economists are more likely to favor high minimum wages, regulation and redistribution.

## Will Historic Opportunity For Bears Lead To A Bull Market Sunset?

by kimblecharting - Mar 1, 2018 8:06 am

Could this be the setup that bears have been starving for?

# Iran Bans Use Of US Dollars In Trade

In what may be a preemptive move against further US sanctions, Tehran announced that going forward, merchant purchase orders that are denominated in US Dollars would no longer be allowed to go through import procedures.

According to the state-owned IRNA news agency, the policy is in line with an official request by the Central Bank of Iran and is meant to address fluctuations in market rates of the US dollar. Quoted by IRNA, the central bank director of Foreign Exchange Rules and Policies Affairs, Mehdi Kasraeipour, said the move had "become effective from Wednesday by virtue of a letter sent to the Ministry of Industry, Mines and Trade."

The central banker further explained that the decision "wouldn’t create major trouble" for traders because the share of the greenback in Iran’s trade activities is already negligible.

"It’s been for a long time that Iran’s banking sector cannot use the dollar as a result of the sanctions," said Kasraeipour. As part of a trade embargo, US banks are banned from dealing with Iran.

"Considering that the use of the dollar is banned for Iran and traders are literally using alternative currencies in their transactions, there is no longer any reason to proceed with invoices that use the dollar as the base rate," Kasraeipour added.

As part of the transition, Iranian merchants will need to inform their suppliers to change the base currency from the dollar to other currencies so that the related import documents could be processed at Iran’s entry points. It was unclear if cryptocurrencies are acceptable units, and whether Iran is developing its own version of the Venezuelan Petro.

Merchants will also need to specify whether they would proceed with their payments through banks or currency exchange shops.

Ever since the crackdown on the Iranian banking sector by the US and SWIFT some 5 years ago, Tehran has sought to switch to non-dollar based trade. It has already signed agreements with several countries and is in talks with Russia on using national currencies in settlements.

Last December, Iran announced that it would eliminate the dollar from all bilateral trade with China, which has fast emerged as one of Iran's largest crude oil clients.

Previously, during a meeting with Russian President Vladimir Putin in November, Iranian Supreme Leader Ali Khamenei said that the best way to beat US sanctions against the two countries was joint efforts to dump the American currency in bilateral trade. He told President Putin that by using methods such as eliminating the US dollar and replacing it with national currencies in transactions between two or more parties, the sides could “isolate the Americans.”

* * *

As Federico Pieraccini previously noted, until a few decades ago, any idea of straying away from the petrodollar was seen as a direct threat to American global hegemony, requiring of a military response. However, in recent years, it has become clear to many nations opposing Washington that the only way to adequately contain the fallout from US retaliation was to progressively abandon the dollar. This serves to limit Washington’s capacity for military spending by creating the necessary alternative tools in the financial and economic realms that will eliminate Washington's dominance. This is an essential component in the Russo-Sino-Iranian strategy to unite Eurasia and thereby render the US irrelevant.

De-dollarization for Beijing, Moscow and Tehran has become a strategic priority. Eliminating the unlimited spending capacity of the Fed and the American economy means limiting US imperialist expansion and diminishing global destabilization. Without the usual US military power to strengthen and impose the use of US dollars, China, Russia and Iran have paved the way for important shifts in the global order.

Tags
Politics
Business Finance

## Comments

Sort by
Order
Items per page
Vote up!
9
Vote down!
1
DillyDilly Thu, 03/01/2018 - 13:56 Permalink

Fuk Yea!

Vote up!
5
Vote down!
4
stizazz DillyDilly Thu, 03/01/2018 - 13:59 Permalink

Oho! Bombs Away!

In reply to Fuk Yea! by DillyDilly

Vote up!
0
Vote down!
0
giovanni_f stizazz Thu, 03/01/2018 - 14:15 Permalink

US pressure creates both, the need for and a showcase of successfully avoiding the USD in its entirety.

Clever. Smart. Shrewed. Cunning.

In reply to Oho! by stizazz

Vote up!
0
Vote down!
0
brianshell giovanni_f Thu, 03/01/2018 - 14:37 Permalink

Pakistan supplied the material support to Iran for their nuclear agenda.

Actually, the CIA, via Pakistan.

Was this done by order of the banking cartel?

Deep Globe.

In reply to US pressure creates both,… by giovanni_f

Vote up!
5
Vote down!
10
Liquid_Silver DillyDilly Thu, 03/01/2018 - 14:01 Permalink

Bitcoin will hit $100,000 soon... get ready!

In reply to Fuk Yea! by DillyDilly

Vote up!
1
Vote down!
0
Bunga Bunga Liquid_Silver Thu, 03/01/2018 - 14:14 Permalink

How do they dare to de-Dollarize? I already hear John McCon singing "bomb bomb bomb bomb bomb ...."

In reply to Bitcoin will hit $100,000… by Liquid_Silver

Vote up!
0
Vote down!
0
The_Juggernaut Bunga Bunga Thu, 03/01/2018 - 14:15 Permalink

This will work as well as it always does.

In reply to How do they dare to de… by Bunga Bunga

Vote up!
1
Vote down!
0
peddling-fiction The_Juggernaut Thu, 03/01/2018 - 14:19 Permalink

Albert Pike's spirit is giddy now. This is about to get real nasty quickly. The steam boiler is loosening its bolts on the floor. ZH (real) doom porn at its best.

In reply to This will work as well as it… by The_Juggernaut

Vote up!
0
Vote down!
0
DillyDilly peddling-fiction Thu, 03/01/2018 - 14:28 Permalink

"Bitcoin will hit $100,000 soon... get ready!"

I mean, COME ON! RETARDED PEOPLE... I'm getting pretty fucking sick & tired of people trying to claim an asset is or will be this or that...

Then (drumroll)... PRICING the motherfucking thing in DOLLARS!!!

Jesus H Christ ~ I'm an owner of PHYZZ, and a HODL'er... But this MF'ing 'pricing' mechanism (in 100 year old paper joobux confetti) annoys the shit out of me.

In reply to Albert Pike's spirit is… by peddling-fiction

Vote up!
0
Vote down!
0
Pernicious Gol… Bunga Bunga Thu, 03/01/2018 - 14:27 Permalink

I doubt McCain can sing any longer, but he can drool to the music.

In reply to How do they dare to de… by Bunga Bunga

Vote up!
5
Vote down!
8
Seasmoke Thu, 03/01/2018 - 13:58 Permalink

And yet the USD gets stronger this week. Fools.

Vote up!
3
Vote down!
23
BritBob Thu, 03/01/2018 - 13:59 Permalink

Ye ole Ayatollah also supports Argentina's claim to the Falklands so I guess he believes in fairy tales : How can Argentina claim the Falklands when she has never legally owned them?

Falklands- Never Belonged to Argentina (1 pg):

https://www.academia.edu/31111843/Falklands_Never_Belonged_to_Argentina

Yep.

Vote up!
13
Vote down!
2
Jack Oliver BritBob Thu, 03/01/2018 - 14:06 Permalink

FUCK off BOB !

Not in the ‘mood’ for your FUCKING dribble !!!

In reply to Ye ole Ayatollah also… by BritBob

Vote up!
0
Vote down!
0
DillyDilly Jack Oliver Thu, 03/01/2018 - 14:32 Permalink

Every time I make a grilled SPAM SANDWICH at home, I always shape the spam to model the Falkland Islands...

It's my tribute to you Brit Bob!

Peace, Love, & ketchup!

In reply to FUCK off BOB ! … by Jack Oliver

Vote up!
0
Vote down!
0
PrivetHedge BritBob Thu, 03/01/2018 - 14:28 Permalink

We have real issues here, not the whimpers of a long dead empire.

https://biblicisminstitute.wordpress.com/2015/07/28/how-the-ashkenazi-j…

In reply to Ye ole Ayatollah also… by BritBob

Vote up!
3
Vote down!
0
RawPawg Thu, 03/01/2018 - 14:00 Permalink

Mommar G. 2.0?

Vote up!
6
Vote down!
9
E.F. Mutton Thu, 03/01/2018 - 14:00 Permalink

And after Barry O was so kind in giving them billions of the nasty things.

Ingrates.

Vote up!
7
Vote down!
2
Jack Oliver E.F. Mutton Thu, 03/01/2018 - 14:04 Permalink

They owed the money to Iran for prepayments of SHIT that never got delivered !!

Barry just got the FED to print it up and then passed it off as ‘DEMAND’ for the $US !!

When in actual fact - there is DECREASING ( read Pariah) demand for the $US !

Although the FED wants you to believe otherwise !!

In reply to And after Barry O was so… by E.F. Mutton

Vote up!
4
Vote down!
4
Juggernaut x2 Jack Oliver Thu, 03/01/2018 - 14:10 Permalink

Trumptards go through withdrawal if they don't bring Barry O into a conversation at least once a day.

In reply to They owed the money to Iran… by Jack Oliver

Vote up!
3
Vote down!
3
Kafir Goyim Juggernaut x2 Thu, 03/01/2018 - 14:14 Permalink

Sucks for you to have him rubbed in your face all the time doesn't it?

In reply to Trumptards go through… by Juggernaut x2

Vote up!
4
Vote down!
4
ZENDOG E.F. Mutton Thu, 03/01/2018 - 14:09 Permalink

OK Send back the pallet of Moolllllllaaaaa that the Magic Negro gave you,,,,,Fuckers.

In reply to And after Barry O was so… by E.F. Mutton

Vote up!
0
Vote down!
0
PrivetHedge E.F. Mutton Thu, 03/01/2018 - 14:29 Permalink

So why did Barry give Israel $38bn of taxpayers money for nothing at all?

In reply to And after Barry O was so… by E.F. Mutton

Vote up!
7
Vote down!
1
RougeUnderwriter Thu, 03/01/2018 - 14:00 Permalink

Bitcoin Please

Vote up!
4
Vote down!
5
Jack Oliver RougeUnderwriter Thu, 03/01/2018 - 14:13 Permalink

You can be sure the DEEP state controls BTC as well !!

You would have to be inane to consider otherwise !!

In reply to Bitcoin Please by RougeUnderwriter

Vote up!
0
Vote down!
2
Bunga Bunga Jack Oliver Thu, 03/01/2018 - 14:18 Permalink

It is impossible by the math, that a minority can control it. Unless the deep state can break math.

In reply to You can be sure the DEEP… by Jack Oliver

Vote up!
1
Vote down!
4
MK ULTRA Alpha RougeUnderwriter Thu, 03/01/2018 - 14:19 Permalink

LOL Iran said the other day, that Iran would leave the nuclear agreement if international banks stayed away. Now we hear Iran won't use the dollar in international transactions.

I don't think the US is keeping banks from Iran. No bank in their right mind would loan Iran money.

I don't like Jews and Israel and I don't like the Iranians. I'm disappointed in the US because it is a beast of burden for Israel.

It is unfortunate that the Golan oil find of billions of barrels which is technically Syrian territory, it's unfortunate that the Americans will never know about the Israeli theft of crude oil.

But what's really worse, is the fact Israel is working feverishly to make the US attack Iran. I had a little hope, this would change and if Israel wants to attack Iran, then Israel should do it. Now Russia is preventing Israel from a war with Iran. I thought until the recent air war and the Putin call for Israel to cease fire, well I thought Israel was stepping up to the plate. Now it's back to Israel trying to get the US to fight for them and I think Trump will do it.

Trump needs to leave all the people alone, stop twittering and ignore them, and on foreign affairs, he needs to not listen to the generals and concentrate on the economy and the US trade deficits. That's it, because it's real dangerous when Putin is dictator for life and now Xi is copying the example of dictator for life.

Anything can happen when a dictator tries to hold on to power.

In reply to Bitcoin Please by RougeUnderwriter

Vote up!
4
Vote down!
1
Brazen Heist MK ULTRA Alpha Thu, 03/01/2018 - 14:24 Permalink

Do you think the shit they shuffle around every 4 years makes any difference? The elected government is not in charge. The shadow government is. These Oligarchs have pulled off a covert (now its overt) dictatorship in America since WW2 when the Nazis escaped to NASA and the CIA. Some would even argue it goes much further back with the hostile takeover of the Fed.

The US is an oligarchy just like the others. The only difference is how they pull it off.

The Jews bought America after WW2. Now they are running it into the ground for their little Zion.

In reply to LOL Iran said the other day,… by MK ULTRA Alpha

Vote up!
1
Vote down!
0
PrivetHedge MK ULTRA Alpha Thu, 03/01/2018 - 14:32 Permalink

It's very simple:

1. Iran obeyed the agreement

2. The US failed to re-start banking services

3. Iran was then forced to abandon the dollar

The US only has itself (or rather Israeli pharisees) to blame.

In reply to LOL Iran said the other day,… by MK ULTRA Alpha

Vote up!
4
Vote down!
2
venturen Thu, 03/01/2018 - 14:02 Permalink

our fiat bets your fiat....who has the cleanest fiat. And do give me those bit based infinite zero currencies that can be gone with the next upgrade or power outage.

Vote up!
2
Vote down!
5
daggerhashimoto venturen Thu, 03/01/2018 - 14:04 Permalink

you don't lose your bitcoin because of a power outage you fucking imbecile

In reply to our fiat bets your fiat… by venturen

Vote up!
2
Vote down!
0
Pesky Labrador daggerhashimoto Thu, 03/01/2018 - 14:15 Permalink

Can't use them without power neither.

In reply to you don't lose your bitcoin… by daggerhashimoto

Vote up!
0
Vote down!
2
Bunga Bunga Pesky Labrador Thu, 03/01/2018 - 14:20 Permalink

Without power you have no opportunity to use currency at all in the modern world. We would go back to barter then.

In reply to Can't use them without power… by Pesky Labrador

Vote up!
1
Vote down!
0
PrivetHedge Bunga Bunga Thu, 03/01/2018 - 14:32 Permalink

Or cash. Or gold. Or silver. Or barter.

In reply to Without power you have no… by Bunga Bunga

Vote up!
1
Vote down!
0
ZENDOG Bunga Bunga Thu, 03/01/2018 - 14:33 Permalink

Are you retarded? What are these green pictures of Franklin in my pocket? How about the silver coins I have stacked? The Gold?

In reply to Without power you have no… by Bunga Bunga

Vote up!
8
Vote down!
1
Jack Oliver Thu, 03/01/2018 - 14:02 Permalink

Iran getting the ball rolling - the $US has already become a Pariah !

Its about to get a whole lot FUCKING worse !!

Vote up!
1
Vote down!
0
daggerhashimoto Thu, 03/01/2018 - 14:03 Permalink

BTC 100k when?

Vote up!
8
Vote down!
1
khnum Thu, 03/01/2018 - 14:04 Permalink

Im starting to see what 5d chess played by a baboon looks like

Vote up!
3
Vote down!
7
JibjeResearch Thu, 03/01/2018 - 14:05 Permalink

Iran is dumb, it's bad for their economy. But, because we treated them poorly, they do the shit that will hurt the USD more even if it hurts them a little.

This is the result of the US's MAGA.

Vote up!
1
Vote down!
6
headhunt Thu, 03/01/2018 - 14:05 Permalink

Yawn - Iran's total GDP is in the $300-$400 billion dollar range

That's a few days worth of US GDP

Vote up!
1
Vote down!
0
Volkodav headhunt Thu, 03/01/2018 - 14:24 Permalink

How much few days worth US Debt?

In reply to Yawn - Iran's total GDP is… by headhunt

Vote up!
1
Vote down!
8
Ink Pusher Thu, 03/01/2018 - 14:06 Permalink

At the rate Tehran is going ,Iran isn't going to have any friends left by the end of April except China , Turkey and India and that combined trade total is still under $23 Billion .LOL

Vote up!
7
Vote down!
0
Dragon HAwk Thu, 03/01/2018 - 14:08 Permalink

If Only Gold could be used to Compare Currencies. Oh Wait. what an Idea.

Vote up!
1
Vote down!
0
besnook Thu, 03/01/2018 - 14:18 Permalink

this means the cips system is up and running smoothly. the lid for the coffin is in place. the nails are about to be hammered in place.

Vote up!
4
Vote down!
2
Brazen Heist Thu, 03/01/2018 - 14:19 Permalink

The US has abused its exorbitant privilege and weaponized the US dollar.

This inevitably begets hostile responses.

Monopolies are bad, especially with power and money. Trusting the reptiles in DC to act responsibly is a bad proposition. An empire on the decline does stupid things to preserve power. Things like shooting itself in the foot and trampling on its values, and browbeating allies like expendables.

Our only hope is a multi-polar world where the US beast is reigned in and contained. But the bad losers won't gracefully go. Instead they'll linger around like a bad smell and clinger on to the former glory and shit on everyone.

Vote up!
2
Vote down!
0
Montana Cowboy Thu, 03/01/2018 - 14:22 Permalink

The US fabricates its best terrorists stories, deploys its most ingenious false flags, and drops its biggest bombs in response to disrespect for that green and white paper. Putin must have made assurances to Iran.

I think the US is toast in a war because our shit doesn't work. It wasn't designed to work. It was designed to make money for defense contractors. Russia doesn't have that corrupt layer. Their stuff works. But then there is Israel. Who knows?

Vote up!
0
Vote down!
0
PrivetHedge Montana Cowboy Thu, 03/01/2018 - 14:35 Permalink

Israel's stuff doesn't work either.

Israel is a pharisee nation based on lies and hollywood reality.

That (and being cowards) is why they fight their wars to the last american.

In reply to The US fabricates its best… by Montana Cowboy

Vote up!
2
Vote down!
4
Offthebeach Thu, 03/01/2018 - 14:23 Permalink

WOOP De DO.

Wonder what took them so long?

The Russians, Chinese, Iranians are such stellar paragons of virtue that they can't but prosper outside of dollars.

Vote up!
2
Vote down!
0
Aubiekong Thu, 03/01/2018 - 14:27 Permalink

Expect a false flag event and an attack now by US forces in retaliation.

Vote up!
1
Vote down!
0
SmittyinLA Thu, 03/01/2018 - 14:32 Permalink

So they spent their Obama loot already?

I bet the fed tracked the payoffs going straight into Swiss banks, sunlight can kill the Iran regime.

Vote up!
0
Vote down!
0
TalkToLind Thu, 03/01/2018 - 14:33 Permalink

Oy vey!

## User login

Username
Password

- Create new account
- Reset your password

## New Comments

Loading...

## Today's Top Stories

Loading...

## Contact Information

Tips: tips@zerohedge.com

General: info@zerohedge.com

Legal: legal@zerohedge.com

Advertising: ads@zerohedge.com

Abuse/Complaints: abuse@zerohedge.com

Advertise With Us

## Suggested Reading

Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide

It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure. Here's our Cookie Policy.

How to report offensive comments

Notice on Racial Discrimination.