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Iran

brics-beats-dollar-dependence:-national-currency-settlements-exceed-usd-payments

BRICS Beats Dollar Dependence: National Currency Settlements Exceed USD Payments

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The BRICS bloc might have already overcome its dollar-dependence problem, as the volume of settlements in the national currencies of its member nations has already surpassed the USD-based exchanges. Using the U.S. dollar can lead to expenses that can be avoided when paying with other currencies, BRICS Deputy Chairman of the Chamber of Commerce and […]

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payments-in-national-currencies-surge-to-92%-among-sco-members

Payments in National Currencies Surge to 92% Among SCO Members

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Payments in national currencies among Shanghai Cooperation Organization (SCO) members have reportedly increased from 40% in 2022 to 92%, signaling a move away from reliance on the U.S. dollar. Similar to the BRICS economic bloc, the SCO, which includes Russia, China, India, and recently added Iran, is encouraging the use of local currencies to strengthen

Payments in National Currencies Surge to 92% Among SCO Members Read More »

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Iran Backs Russia on BRICS Single Currency Initiative

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Iran plans to support Russia’s initiatives on creating a BRICS single currency and expanding national currency payments within the bloc, according to Iran’s Ambassador to Moscow, Kazem Jalali. The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring the creation of a new currency to reduce reliance on the U.S. dollar and mitigate

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BRICS Considers Iran’s Proposal to Link Payment Systems of All Member Countries, Says Russian Official

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The BRICS economic bloc is considering Iran’s proposal to link all member nations’ payment systems, according to Russian Deputy Foreign Minister Andrey Rudenko. The proposal aims to enhance BRICS countries’ financial sovereignty by establishing a resilient and sanctions-resistant payment infrastructure. Discussions include integrating financial markets, payments in national currencies, and new mechanisms for mutual financial

BRICS Considers Iran’s Proposal to Link Payment Systems of All Member Countries, Says Russian Official Read More »

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Iran and Russia Sign Academic Cooperation Agreement to Dedollarize Economies

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Iran and Russia have taken a significant step towards economic cooperation by involving their academic institutions in efforts to dedollarize their economies. The presidents of Iran’s Imam Hossein University and Russia’s Plekhanov University of Economics signed a memorandum of cooperation last week to collaborate on initiatives aimed at reducing reliance on the U.S. dollar in

Iran and Russia Sign Academic Cooperation Agreement to Dedollarize Economies Read More »

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Iran Officially Unveils Central Bank Digital Currency Project

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Iran officially unveiled its central bank digital currency (CBDC) on Sunday during a ceremony attended by Central Bank of Iran (CBI) Governor Mohammad Reza Farzin and chief executives of several major banks. This digital currency, issued electronically by the central bank, aims to streamline transactions within the country’s banking system. A pilot project will commence

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BRICS ‘Getting Applications to Join Every Day,’ Attracts 19 Requests Before Summit

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Over two dozen nations have applied for BRICS membership ahead of its upcoming annual summit, the representative of the hosting nation revealed in an interview. The organization which unites leading emerging economies will discuss its enlargement in early June. BRICS to Talk Expansion as Number of Candidates Continues to Grow The BRICS group of nations

BRICS ‘Getting Applications to Join Every Day,’ Attracts 19 Requests Before Summit Read More »

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US Treasury Secretary Janet Yellen Acknowledges Sanctions Weaponization Could Hurt Dollar Hegemony

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U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find alternatives to the U.S. dollar. U.S. Treasury Secretary Yellen Talks

US Treasury Secretary Janet Yellen Acknowledges Sanctions Weaponization Could Hurt Dollar Hegemony Read More »

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China Opposes Recent US Sanctions for Chinese Firms, Criticizes ‘Long-Arm’ Jurisdiction Policies

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The government of China protested the enactment of sanctions on a series of national companies by the U.S., barring them from doing business with U.S.-based entities for allegedly collaborating with Russia. China’s Commerce Ministry criticized the move, saying it is a “typical form of long-arm jurisdiction,” which damages the rights and interests of these companies.

China Opposes Recent US Sanctions for Chinese Firms, Criticizes ‘Long-Arm’ Jurisdiction Policies Read More »

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Iran Top Security Official Believes Recent De-Dollarization Efforts Will Doom ‘Illegal Western Sanctions’ to Failure

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Ali Shamkhani, secretary of the National Security Council of Iran, has stated that the recent bilateral cooperation efforts between his country and Russia are contributing to rendering U.S.-established sanctions useless at a global level. The official noted that many other countries are also in this course of action — abandoning the hegemony of the U.S.

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