Iran to dump the US dollar in response to Trump’s travel ban

Tehran plans to ditch the use of the American currency in financial reporting after US President Donald Trump issued a travel ban on seven countries, including Iran. According to the local news agency PressTV, the Central Bank of Iran is seeking to replace the dollar with a new common foreign currency or use a basket of currencies in all official financial and foreign exchange reports.

The governor Valiollah Seif said it would come into force in the new financial year starting March 21, 2017. The agency quotes Seif recommending using currencies with a “high degree of stability.” The decision comes after President Trump temporarily banned citizens of Iran, Iraq, Libya, Somalia, Sudan, Syria, and Yemen from entering the US. READ MORE