Iranian Foreign Minister Mohammad Javad Zarif said Sunday that talks are underway with a number of countries including Turkey, Russia, and China, to sign or finalize mutual monetary treaties.

“We have been holding negotiations on monetary treaties with Turkey, Russia, China, Republic of Azerbaijan, India and some other countries, and we have already reached agreement with some of them, and are about to reach agreement with some others,” said Foreign Minister Zarif on Sunday.

The bilateral monetary treaties are a mechanism to ditch dollar in trade transactions. A currency swap agreement between states could potentially lessen the US dollar’s influence on the global energy and other markets.

In general, the Central Bank of Iran (CBI) should fulfill its obligations in this regard while the Iranian Foreign Ministry is responsible for facilitating and easing economic affairs, Zarif said.

Source: Mehr News Agency