| The U.S. dollar is the world’s primary reserve currency, and it is also the most widely used currency for trade and other international transactions. Its hegemony gradually came into question in recent times due to geopolitical and geostrategic shifts. De-dollarization entails a significant reduction in the use of dollars in world trade and financial transactions, decreasing national, institutional, and corporate demand for the greenback. De-dollarization would shift the balance of power among countries, and this could, in turn, reshape the global economy and markets. |
"Today, we take a big step towards the de-dollarisation and facilitation of economic relations between Iran and Russia."
Tehran, Nov.12.– Iran and Russia linked their national payment systems on Monday, a significant move to bypass the US dollar in bilateral transactions, Iran’s official news agency IRNA reported.
The linkage between Russia’s Mir and Iran’s Shetab payment systems was established at a ceremony attended by Central Bank of Iran Governor Mohammad Reza Farzin and Iranian Ambassador to Moscow Kazem Jalali.
The ceremony unveiled the first phase of the project, which enables Iranian citizens to use their bank cards to withdraw cash in rubles from Russian ATMs. In the second phase, Russian nationals will be able to withdraw cash in Iran. (...)
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