Iran's break with dollar easier said than done
The Iranian authorities’ move to ban import orders registered in US dollars presents yet another challenge for the private sector.
![IRAN-NUCLEAR/INVESTMENT A money changer counts out U.S. dollars for a customer in Tehran's business district, Iran, January 20, 2016. REUTERS/Raheb Homavandi/TIMA ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY. - GF20000100972](/sites/default/files/styles/article_hero_medium/public/almpics/2018/03/RTX2389V.jpg/RTX2389V.jpg?h=a5ae579a&itok=QHz1WMt9)
A little over two weeks ago, Iran eliminated another function of the US dollar in its internal workings in a move positioned amid yearslong plans to reduce dependency on the greenback. The consequences will be manifold and interconnected, but there are discrepancies in views concerning what will happen as a result among experts and officials.
On Feb. 28, the Ministry of Industry, Mine and Trade announced by way of a directive that all traders are henceforth barred from registering their import orders in US dollars. The abrupt directive that is effective immediately was put into motion per a government request conveyed through a letter penned by Central Bank of Iran (CBI) head Valiollah Seif.