Iran proposes regional currency to boost trade

TEHRAN:

Iranian President Masoud Pezeshkian on Tuesday proposed that Iran and its regional trading partners establish a shared currency to boost commerce amid crippling Western sanctions.

Years of international sanctions, largely imposed by the United States over Tehran's nuclear programme, have severely weakened Iran's economy.

The latest measures were reimposed by the United Nations in September, after months of stalled nuclear diplomacy.

Speaking on the sidelines of the Economic Cooperation Organization (ECO) summit in Tehran, Pezeshkian said religious and cultural ties in the region could create conditions for closer communication and cooperation.

"Even a common currency could be adopted in the region to help promote economic development," he told a meeting with Tajik Interior Minister Ramazan Rahimzada, according to the presidency's website.

Founded in 1985 by Iran, Pakistan, and Turkey, the ECO now has 10 members, including five Central Asian countries, and aims to strengthen regional trade.

Sitting at the core of the Middle East and with a population of more than 91 million according to the World Bank, Iran regards its geographical location as a bridge between Asia and Europe.

Tehran is pursuing economic opportunities despite sanctions over its nuclear programme.