Minister of Industries, Mining and Trade Mohammad Shariatmadari said since most of Iran’s trade is conducted in euro, the country is prepared to make a shift toward the European currency. Shariatmadari added that most of the country’s trade has to do with oil, revenues of which come in dollars, euros and the currency of the buyer’s nation, IBENA reported. The industries minister noted that since Iran’s trade relations with Europe are being expanded, a bigger role should be granted to euro. In February, Iran moved a step closer to a plan to ditch the dollar in its trade activities by announcing that import orders by merchants based on the greenback would no longer be processed.

Source:

2018, Bigger Role for Euro, Thursday, April 12, p.1,<https://financialtribune.com>