Iran announced earlier this month that it will stop reporting its financial affairs in US dollar from the end of its Fiscal year in March.
The nation also tested a ballistic missile causing Israel to demand firm action from the US. Iran immediately suspended all future visas for American citizens in direct response to President Trump’s ban on immigration from seven Muslim countries.
By agreement with OPEC, all oil in the world is traded in US dollars, complicating Iran’s oil trade worth 41 billion US dollars and leading to currency exchange losses. US pundits are concerned that trading oil in other currencies will to lead to a collapse of the US economy.
US Muslims Sue Trump Over ‘Racist’ Refugee Ban
The legal challenge will attack the constitutionality of Trump’s ban while allowing Christian refugees applying from the same countries because “its apparent purpose is to ban people of the Islamic faith…from entering the US.”
Executive Order Could Block 500,000 Legal US Residents From Returning to the USSince the order’s travel ban applies to all “aliens” — a term that encompasses anyone who isn’t an American citizen — it bars those with current visas or green cards from returning to the US.Travel ban causes chaos and protestsHomeland security says green card holders included while ACLU files lawsuit after two Iraqi men detained at New York’s JFK airport despite having valid visas.
Iran to stop using US dollar in response to Donald Trump’s ‘Muslim ban’
the country would switch to another common foreign currency or a basket with a ‘high degree of stability” for all financial and foreign exchange reports. The decision will go into effect at the beginning of the new fiscal year in March.
https://www.democracynow.org/2004/11/9/confessions_of_an_economic_hit_man