After Russia, Iran to sell oil in its local currency instead of US dollars
NEW DELHI: Iran may soon follow the Russian example and start selling oil and gas in its currency, rial, instead of US dollars. The rial is likely to be bound to gold, just like the Russian rouble. Sources said Iran may soon announce an attractive rial-gold exchange rate, which would incentivise purchase of oil and gas in rial or gold.
The Iranian decision will deal yet another big blow to the US dollar, which has been the preferred currency for international trade. Late last month, Russia had decided to sell oil and gas in rouble or gold. The Central Bank of Russia had announced that the Russian rouble is bound to gold as of March 28, 2022.
