Currency: Iran Calls For Unified Currency System To End US Dollar

Juhi Mirza
Iran President Ebrahim Raisi BRICS
Source: BBC

The de-dollarization agenda is now ramping up, with nations queueing together to end the US dollar. Iran is now actively calling for a unified currency system, one that promotes launching a singular currency to derail the US dollar in the long haul. With new currency narratives shaping up, will the end of the US dollar truly prevail?

Also Read: Russia’s GDP Explodes Post Sanctions: US Dollar’s Demise Continues

Currency News: Iran and Russia Sign New Financial Agreements

Iran and Russia have recently entered into a new financial agreement. The new contract entails bridging currency gaps between the two nations by integrating Russian ATMs into the Iranian regime. The official report confirms Iran integrating the MIR system into its regime, which is dubbed a Russian alternative to Visa and MasterCard.

Under this new development, Iranians will be able to withdraw money from Russian ATMs with Iranian bank cards.

“The second part of the plan was to connect Russia’s MIR network to Iran’s SHETAB. This is a project on which the technical teams of the two countries have been working together for a long time, both in the Central Bank of Iran and in the Central Bank of Russia. Fortunately, this work has also been finalized,” Governor of Iran Central Bank (CBI) Mohammadreza Farzin announced on Saturday.

Farzin later shared how the new financial plan will be implemented in three stages. The second stage entails ringing benefits for Russian nationals in Iran. At the same time, the third stage includes Iran’s shetab cards to be integrated with POS terminals in Russian stores.

“This plan has three stages. The next stage is that Russian cards will be usable in Iran, and the third stage is that our SHETAB cards will also be usable in their stores,” Farzin stated.

The current step also marks Iran’s move towards evading the sanctions imposed on it by the US. Similarly, Russia, being part of an active BRICS alliance, is also expediting efforts to bolster its collective economy by finding alternatives to maneuver around the sanctions imposed on it.

Iran Urges BRICS To End The US Dollar: A New Currency In Works?

Iran is now actively urging BRICS, the ten-nation bloc, to ditch the US dollar. The nation has called for a unified currency system and a joint currency narrative to end the US dollar’s supremacy on all levels.

Also Read: G7 vs. The “Triumvirate”: The 3 Nations Aiming For Dethroning US Dollar

Iran is not the only nation vying for a unified currency to derail the US dollar. ASEAN nations are also currently working towards launching a unified currency order to rival the US dollar and Euro.

“Furthermore, such a currency should aim at competing with the USD and the Euro as a reputable reserve of value,” CME said.