The Iranian minister noted that a change in trade model would reduce the country's need to vehicle currencies, including dollar and euro.
TEHRAN(BullionStreet): Sanctions hit Iran announced plans to phase out dollar and euro in it's trade exchanges and to add more gold to reserves.
According to country's economic affairs and finance minister Shamseddin Hosseini, Iran plans to phase out dollar and euro in its future international transactions after the US and the European Union imposed sanctions on Iran.
Talking to newsmen here, he said after the imposition of sanctions on Iran by the US and the EU, the Central Bank of Iran immediately moved to change the country's hard currencies reserves into euro and gold which “was beneficial to the country. ...