Turkey, Russia, Iran to replace US dollar with local currency in trade

Turkey, Russia and Iran have agreed to use their local currencies in trade, instead of the US dollar, the Anadolu Agency reported on Saturday.

The agency quoted the Governor of the Iran’s Central Bank, Abdul-Nasser Hemmati as saying that commercial transactions would be conducted using specific exchange rates.

The governor expected to meet with directors of the central banks of Turkey and Russia in the near future, expressing hope that the agreement will enter into force quickly.

Iran is working to counter the effects of US sanctions which will come in to affect in November following America’s unilateral withdrawal from the 2015 nuclear treaty which saw sanctions removed from Tehran in return for controls on its nuclear power activities.

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