IRANIAN Economy Minister Seyed Shamseddin Hosseini said Monday that Tehran plans to exclude the currencies of Western states, especially the U.S. dollar and the euro, from its foreign trade transactions, semiofficial Fars news agency reported.

    “According to the decision made by the Cabinet workgroup, the dollar and euro will be gradually put aside from Iran’s trade with other countries,” Hosseini was quoted as saying.

    Iran has changed its trade partners and redirected its trade transactions from such countries as Britain and Germany to Middle-Eastern and Eastern states, he said, adding that such changes reduce the need for currencies like the dollar and euro.

    This is not the first time that the Islamic republic has announced the replacement of Western currencies with local currencies of Iran’s trade partners.

    In June 2010, Press TV reported that since October 2007 Iran had received 85 percent of its oil revenues in currencies other than the dollar.

(Xinhua)