Iran proposes creating a unified regional currency Economy News

Iranian President Masoud Pezeshkian – whose country is suffering under the weight of international sanctions that are undermining its economy – proposed the creation of a unified regional currency to enhance trade exchanges, according to what the Iranian presidency reported on Tuesday.

During his meeting in Tehran with the Tajik Interior Minister, Pezeshkian said: “A common currency could be adopted in the region to contribute to economic development. But unfortunately, foreigners are trying to prevent the emergence of such good relations.”

International sanctions, especially those imposed by the United States due to the Iranian nuclear program, are the main obstacle to Iran’s financial and commercial exchanges with the rest of the world.

These sanctions have greatly affected the Iranian economy and the rial, which continues to decline against the dollar, which has led to excessive exacerbation of inflation.

Overcoming obstacles

The Iranian President added – according to what the Iranian presidency reported during the Economic Cooperation Organization summit – that “thanks to the religious and cultural ties that bring together the countries of the region, it is possible to create favorable conditions for communication and overcome obstacles.”

He added, “But unfortunately, foreigners are trying to prevent the emergence of such good relations, and are seeking to ignite strife between Muslims and the peoples of the region in various ways. If we are united, we will be strong, but if we are divided, we will be weak,” according to what the Iranian Mehr Agency reported.

The Iranian President described the Economic Cooperation Organization as a bridge linking the countries of the region, adding that this organization is a valuable platform for dialogue, exchange of experiences and synergy in all fields, according to what was reported by the Iranian IRNA agency.

He stressed that regional cooperation within the framework of the organization is no longer a political option, but rather has become an indispensable necessity for achieving development, security and stability in the region.

The Economic Cooperation Organization was established in 1985 at the initiative of Iran, Pakistan, and Turkey, with the aim of enhancing trade exchanges. Today, it includes 10 members, including 5 countries in Central Asia (Tajikistan, Kyrgyzstan, Uzbekistan, Kazakhstan, and Turkmenistan), in addition to Azerbaijan and Afghanistan, with a combined population of more than 550 million people.

Iran, with a population of more than 90 million people and located at the crossroads of Europe and Asia, considers its geographical location to be a strategic advantage.

Tehran seeks to intensify its economic cooperation with neighboring countries to expand its commercial outlets in light of the tension with Western countries over its nuclear program.

The Security Council re-imposed sanctions on Tehran in late September, after France, Britain, and Germany activated the “trigger mechanism” contained in the 2015 nuclear agreement, from which the United States unilaterally withdrew in 2018.