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Iran's break with dollar easier said than done

The Iranian authorities’ move to ban import orders registered in US dollars presents yet another challenge for the private sector.
A money changer counts out U.S. dollars for a customer in Tehran's business district, Iran, January 20, 2016. REUTERS/Raheb Homavandi/TIMA  ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY.   - GF20000100972
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A little over two weeks ago, Iran eliminated another function of the US dollar in its internal workings in a move positioned amid yearslong plans to reduce dependency on the greenback. The consequences will be manifold and interconnected, but there are discrepancies in views concerning what will happen as a result among experts and officials.

On Feb. 28, the Ministry of Industry, Mine and Trade announced by way of a directive that all traders are henceforth barred from registering their import orders in US dollars. The abrupt directive that is effective immediately was put into motion per a government request conveyed through a letter penned by Central Bank of Iran (CBI) head Valiollah Seif.

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