Iran to cut use of USD to minimum

The Iranian government has announced its intentions to further reduce its use of the US Dollar (USD) and substitute it with the Euro in the county's foreign transactions. The Iranian ministry of economy has stated that the country had already changed some of it's foreign currency deposits to Euro sometime ago and that it is to continue with this policy. The Iranian move follows the US decision in September to block one of Iran's biggest state-owned lenders from doing business with the US. Nowadays foreign transactions in USD are not allowed in Iran.