Sanctions-hit Iran is to accept gold for trade payments, along with agreed currencies of other nations, the head of the central bank said, according to reports Wednesday.
Sanctions-hit
Iran
is to
accept gold for trade payments, along with agreed currencies of other nations,
the head of the central bank said, according to reports Wednesday.
"
Iran
doesn't only work with the dollar, and each country can pay with its own
currency," Mahmoud Bahmani was quoted as saying Tuesday. "If a
country also wants to pay in gold, we will accept that too."
The remarks suggested
Iran
was
broadening its payment system in the face of increasingly tough financial
sanctions imposed by the West over
Tehran
's
controversial nuclear program. The sanctions have made it harder for
Iran
to be
paid for its main export, oil, and to purchase imports by making it difficult
to conduct international financial transactions.
The Islamic Republic is responding by trying to find ways around the obstacle,
notably by reducing its dependence on dollar transactions.
A deputy foreign minister, Abbas Araqchi, told the
Fars
news
agency: "We have managed to find new methods and ways in our exchanges
with other countries to, first of all, get rid of the dollar, and then to use
local currencies, exchange methods and direct bartering and other means to get
around the sanctions."
At the same time, the government has ordered a ban on imported products that
had Iranian-made equivalents, the reformist daily Etemad reported.
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