Iranian Bank director urges regional countries to carry out payments in national currencies

The CIS and the Caspian region countries should carry out calculations in national currencies rather than in U.S. dollars and euros, Iranian Saderat (Export) Bank Director, ex-Labor and Social Affairs Minister Mohammad Jahromi said.

"The world currency basket is changing. The dollar and euro go down every day. Due to this, of course, it is necessary to use the new currency basket in the international currency market," Jahromi told Trend.

Jahromi is on a visit to Azerbaijan to attend the third International Conference on "Financial Institutions - the basis of structural modernization of the CIS economy" in Baku. He was invited to the event as a special guest.

"I recommend the countries of the region and the central banks of these countries to use their national currencies instead of the dollar and euro," he said.

Iran has repeatedly stated about the need of holding the trade operations, in particular in the petroleum sector, in national currency.

Jahromi believes holding of operations on the Islamic banking principle is the most effective way.

"Western countries spread their banking system to others. The use of this [western] system leads to financial problems. I believe that countries should study the Islamic banking system and implement it," Jahromi said Dzhahromi. The U.S. and many countries in Eurasia study the Islamic banking system, he added.


/Trend/