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Iran central bank approves gold for oil import payments

01 March 2012

Iran's central bank has said the Islamic republic will accept both gold and importing countries' national currencies as payment for its oil, Mehr news has reported. The move is part of its efforts to move away from the 'hegemony of the petro-dollar,' the governor of the central bank said. "In trade with foreign nations Iran will not limit itself to the U.S. dollar. Our trade partners may provide payment in its own currency. If the country wishes, it can pay us in gold, and we will accept it without any reservations," said Mahmoud Bahmani.

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