Iran ditches US dollar in foreign trade for Turkish lira, yuan, kwon

TEHRAN

Iranian Foreign Minister Mohammad Javad Zarif speaks during the session 'The Geopolitical Outlook' in the Swiss mountain resort of Davos January 23, 2015. REUTERS/Ruben Sprich

Iran no longer uses the U.S. dollar in foreign trade transactions, replacing it with other currencies, the deputy governor at Iranian Central Bank was quoted as saying by an Iranian government news agency on Jan. 24.

“In trade exchanges with the foreign countries, Iran uses other currencies, including Chinese yuan, euro, Turkish lira, Russian ruble and South Korean won,” Gholamali Kamyab said, according to Tasnim, a government news agency based in Tehran.

He also added that Iran is considering bilateral currency swap agreements with a number of countries, saying negotiations for signing such agreements will begin soon.

Turkey's Economy Minister Nihat Zeybekçi had reportedly said last month that Ankara and Tehran decided to trade with their national currencies.