Iran’s cabinet has decided to switch from the US dollar to euro in foreign transactions to bring exchange rates under control and support the depreciating rial as well as reducing its reliance on the US dollar, according to media reports.
Last week the Iranian government fixed the dollar exchange rate at 42,000 rials, after the local currency peaked at 61,000 rials against the dollar. It was also announced that Iranian citizens are allowed to keep €10,000 out of their bank accounts.