After India, Now Iran Poised To Ditch Dollar In Trade With Africa

Iran has suggested the establishment of a joint bank with African states to help develop cooperation and to promote trade in local currencies.

Speaking on Monday at a conference on scientific and economic cooperation between Iran and West Africa, Iranian Vice President for Economic Affairs Mohsen Rezaei highlighted the importance of multilateral cooperation.

He said that Tehran could give a boost to many advanced industries in West Africa while the creation of a joint bank with settlements in local currencies would facilitate trade.

“In this situation we would be able to conduct commercial deals between the countries… without the necessity of [using] dollars and euros, and all sides will benefit from it,” Rezaei explained.

If you’re curious to delve deeper into the topic, read more about it here.