Iran bans US dollar in retaliation to immigration laws

Graffit in Tehran
Official graffiti in central Tehran is constantly maintained by the Iranian government

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.

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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.

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