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Iran to Phase Euro and Dollar
Out of Foreign Trade

According to an article by Iranian PressTV, the country of Iran "has plans to phase out dollar and euro in its future international transactions". This comes as a response to US and EU-imposed sanctions on Iran.

The first reaction by the Iranian side was to immediately change the country's currency reserves into euros and gold, which they considered "beneficial".

According to the minister Shamseddin Hosseini, this change in trade model would reduce Iran's need to vehicle currencies, including the dollar and the euro (as the article is informing us).

Iran is trading mostly in local currencies and gold - as we've been informed from so many news sources during past years.

Turkey has bought natural gas from Iran in exchange for gold, Russia bought oil in rubles and India bought oil for gold.

Gradually, Iran is eliminating the dollar in bilateral trade. We can say that the Persian country is literally evading the petrodollar system. It remains to be seen how this will influence the US dollar's strength on the long run.

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