Iran To Ditch The Dollar In Wake Of Trump's 'Muslim Ban'

Published on Forbes.com, 30 January 2017

The Iranian government is to stop using the US dollar in its official statements, according to a report in the local English-language daily the Financial Tribune.

The decision was announced by Central Bank of Iran governor Valiollah Seif during a television interview on the evening of January 29 and, according to the paper, is due to take effect from the start of the new fiscal year on 21 March. It will affect all official financial and foreign exchange reports.

The move is significant in the light of the recent ‘Muslim ban’ by US President Donald Trump, which prevents anyone from Iran and six other Muslim-majority countries from entering the US. The Iranian government has vowed to take “reciprocal measures” and has said it will stop issuing visas to US citizens. Some exceptions to this may be made though. Iran's Ministry of Foreign Affairs has said that it has yet to decide on whether to allow a US freestyle wrestling team into the country. The team is due to compete in the Wrestling World Cup in Kermanshah province in mid-February.

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