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an to Remove Euro, Dollar From Its Trade Exchange

  
Summary:TEHRAN – Minister of Economic Affairs and Finance Shamseddin Hosseini said yesterday that upon a decision made by the government’s economic taskforce, Iran would no longer use euro and dollar in its trade exchanges.
“The government is determined to remove euro and dollar from its foreign trade and is to change its foreign trade pattern,” Hosseini told reporters on the sidelines of the first meeting of Heads of tax administrations of the Economic Cooperation Organization (ECO) held here yesterday.

Referring to the imposed restrictions by the U.S. and European Union against Iran, Hosseini said Central Bank of Iran (CBI) has changed the forex reserves pattern to euro and gold which brought appropriate profit for the country. 

Modifying the foreign trade pattern has led to a change in the country’s trade partners to China and Turkey.

On foreign trade, Hosseini said that Iran's trade exchange with ECO member states has increased significantly despite Western sanctions against the country in the past couple of years.

Iran exported some 7.6 million tons of non-oil products worth over $5 billion to the ECO member countries in 2011, he added.

In 2012 Iran’s non-oil exports to the ECO countries have witnessed 17 and 32 percent growth in terms of volume and value respectively, compared with its preceding year, he stated.

“Iran’s non-oil exports to ECO member states increased by 17 percent by volume and 32 percent by value in the first eight months of the current Iranian year (March 20-November 20) compared with corresponding period last year,” Hosseini said, IRNA reported.

Moreover, Hosseini said that the Iran imported some $4 billion worth of products from the ECO members in 2011.

He noted that ECO is a large regional organization which accounts for five percent of the world’s area and six percent of the global population.

ECO was established in 1985 by Iran, Pakistan and Turkey aiming to promote economic cooperation between the member countries.

 





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