Iran is planning to stop using the U.S. dollar to price oil
Iran is planning to stop using the U.S. dollar to price oil, with less than half of its oil income now paid in the U.S. currency, Iran's central bank governor said.
He was speaking on the sidelines of an Islamic finance forum in Kuala Lumpur.
"More than 50 percent of Iran's oil income is paid in other currencies. We are reducing the dollar share and asking clients to pay in other currencies,'' Sheibany said.
Sheibany said that almost all of Iran's European clients and some of its Asian customers have accepted.
The United States has imposed sanctions on two big state banks and has urged international firms to avoid doing business with Iran.
