Following
President Donald Trump’s ban on travelers from seven predominantly
Muslim countries, the Iranian government announced it would stop
using the U.S. dollar “as its currency of choice in its
financial and foreign exchange reports,” the local Financial
Tribune reported.
Iran
governor Valiollah Seif’s central bank announced the decision in a
television interview on January 29. The change will take effect on
March 21, and it will impact all official financial and foreign
exchange reports.
In
a piece published by Forbes, Dominic Dudley contends that this move
is significant “in the light of the recent ‘Muslim ban'”
announced by Trump. Iran nationals were added to the order issued by
the current U.S. administration, which prompted the Iranian
government to vow to stop issuing visas to U.S. Citizens.
Dudley
notes that since 1975, “no Americans have been killed in
terrorist attacks in the US by the citizens of the countries included
in the ban,” while countries such as Saudi Arabia — “home
of 15 of the 19 terrorists involved in the 9/11 attacks” —
were left out of the list of prohibited countries.
Despite
the country’s decision to halt the use of the U.S. dollar as its
base currency for exchange with other nations, Iran’s top export is
oil. In the global markets, oil is mainly purchased and sold in U.S.
Dollars.
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