Iran’s central bank will dump the dollar and ‘manage’ its local currency using primarily the euro, a state-run news agency reported, amid a deepening confrontation with the United States.
Iran President Hassan Rouhani and his cabinet decided on Wednesday that the euro will also be used when giving the rial's exchange rate in all official statements and accounts, Iranian Students' News Agency cited a government statement as saying. It did not say when the decision would come into effect.
Tensions between the Islamic Republic and the US have spiked since the beginning of the Trump presidency, which wants to roll back Iranian influence in the Middle East with the assistance of America’s Gulf Arab allies.
President Donald Trump has set a May 12 deadline for his decision whether to pull out of the 2015 nuclear deal that allowed Iran’s economy to re-engage with world trade. European powers want to preserve the accord.
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Read more:
Iran currency controls likely to add further pressure on economy, analysts say
Iran blames enemies as currency chaos bites
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Iranian officials want to wean the country’s businesses away from trading with the dollar, which is still subject to primary sanctions enforced by Washington.
Leaders have pointed the finger at enemies overseas in recent days as they rolled out urgent measures to contain a currency crisis that’s seen the rial plummet to a series of record lows.
On Wednesday, Iran's supreme leader Ayatollah Ali Khamenei joined in, saying the “footprints of foreign intelligence” agencies had played a role in the currency slump.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
