Iranian insurers shift currency from dollar to euro for their international trade

In mid-April 2018, the Iranian government decided to start using the euro instead of the US dollar for its international trade, a move designed to reduce the country’s dependence on the American currency.

In this regard, Abdolazasser Hemmati, president of the Iranian Insurance supervisory authority, the Central Insurance of Iran, has declared that most of exchange reserves of local insurers and reinsurers will be denominated in euros. The market will, nonetheless, continue to use the dollar along with other foreign currency to cover some risks.

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