Iran Calls for De-Dollarisation Amid Heightened Tensions with West

Iran's Speaker of Parliament, Mohammad Bagher Qalibaf, has called for Tehran and Baghdad to abandon the US dollar in favour of their national currencies. Speaking at a meeting with Iranian and Iraqi business representatives at the Iranian Embassy in Baghdad on Thursday, Qalibaf framed this shift as both an economic necessity and a strategic imperative.

According to ICANA, Iran's parliament news agency, Qalibaf stated that 'the era of US dominance over the world has ended.' He claimed that both countries have failed to capitalise on emerging opportunities and continue to rely on trade methods dating back half a century. 'Today, we can conduct trade using national currencies and deal a blow to the US dollar,' he declared.

Qalibaf's call for de-dollarisation comes amid heightened tensions between Iran and Western powers. Tehran is facing crippling sanctions and economic pressure, while Iraq maintains close ties with both Iran and the United States, presenting a complex diplomatic challenge. Qalibaf also suggested that Washington and Israel have turned to 'cognitive and economic warfare' after realising they cannot overcome Iran and Iraq through conventional warfare.