Iran to Reduce U.S. Dollar’s Influence on Regional, Int’l Trade

Cetoex News – The global economy is currently witnessing the de-dollarization phenomenon bloom. Over the past few weeks, several nations have steered away from the U.S. dollar. Iran is now the latest one to jump onto the bandwagon.

The Secretary of Iran’s Supreme National Security Council, Ali Shamkhani, recently said that reducing the influence of the U.S. dollar on regional and international trade will minimize the dominance of the West over the global economy.

Shamkhani made the aforementioned assertion during his meeting with the visiting Russian President’s Aide, Igor Levitin, in Tehran on Sunday. During the meet, Shamkhani indicated that the process to reduce the dollar’s influence on economic transactions has already started. He stressed that many countries are now joining the path.

A few days back, the Malaysian Prime Minister said that there is no reason to continue to depending on the U.S. dollar. Alongside, Saudi Arabia’s Crown Prince also said recently that he is no longer interested in pleasing the U.S. In fact, even France’s President asserted a few hours back that Europe must reduce its dependency on the U.S. Furthermore, the Chinese yuan also flipped the U.S. dollar to become the most traded currency in Russia last week.

Iran-Russia team up against U.S.

The economic and political co-operation between Iran and Russia has improved over the past few months. Here, it is worth noting that both Iran and Russia are currently under sanctions imposed by the United States. Thus, they have been expanding their relations to tackle the United States’ moves together.

Shamkhani labelled the latest initiatives agreed by Iran and Russia in the monetary and banking domain as an “effective” method for “dooming the illegal Western sanctions to failure.” Alongside, he underlined the need to bolster the joint economic projects’ implementation.

Talking about the visits by the two countries’ economic and banking officials over the past few months, Shamkhani said that a favorable ground has been prepared to sign economic deals and attract other countries to participate in various projects.