Iran to replace dollar with euro in financial reports

Iran to replace dollar with euro in financial reports

Tehran will start reporting foreign currency amounts in euros rather than US dollars, state media said as part of the country's effort to reduce its reliance on the US currency due to political tension with Washington.

The new policy could encourage government bodies and firms linked to the state to increase their use of the euro at the expense of the dollar, Reuters reported.

Central bank governor Valiollah Seif said last week that Supreme Leader Ayatollah Ali Khamenei had welcomed his suggestion of replacing the dollar with the euro in foreign trade, as the "dollar has no place in our transactions today".

Iran has been trying for years to move away from the dollar, although much of the country's international trade is still conducted in dollars and ordinary Iranians use them for travel and savings.

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