17:40 - 18.04.2018

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April 18, Fineko/abc.az. Iran has banned import transactions in US dollars.

Forbes reports that Iran's customs authorities will not process declarations or orders for import of goods in case the US dollars are used in transactions.

"Importers can replace the US dollar with euro or national currencies of the countries with which they trade. The Iranian central bank has stated that there will be no failures in international transactions as even now the US dollar is used for a small percentage of foreign trade operations," Forbes says.

The publication informs that use of euro can lead to an increase of costs of importers due to double exchange of foreign currency.

One of the reasons for limiting the use of the US dollar is the continued fall of the rial. Since the beginning of the year the Iranian currency has fallen by 8%, despite the fact that its rate fell in 2017. The ban on dollar imports should reduce demand for dollars within Iran.

In November 2017 Iran's supreme leader Ayatollah Ali Khamenei said during his meeting with Russian President Vladimir Putin that cooperation between Tehran and Moscow will help isolate the United States. He added that one of the elements of this strategy could be the refusal from the use of the US dollar.