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Yuan as global currency makes no difference to Iran's trade

Yuan as global currency makes no difference to Iran's trade

Iran Moves to Change Its Currency Unit Back to the Toman (08 December 2016 11:46)

Date: 4 December 2015 10:27

Baku, Azerbaijan, Dec. 3

By Farhad Daneshvar - Trend:

The International Monetary Fund's decision to admit Chinese yuan into the world’s benchmark currency basket would not make much a difference in Iran-China trade volume as nuclear sanctions on Tehran’s economy, energy and financial sectors are expected to be lifted soon, a US based economic expert Kamran Dadkhah told Trend.

Dadkhah, a professor of economics, said that as far as trade with Iran is concerned, this decision of the IMF won’t have much effect, adding that the problem in trade between Iran and China comes from the sanctions, which denied Iran access to international financial facilities including the SWIFT network.

Iran expects the sanctions to be lifted at the first month of coming year, as it is adhering to the terms of a July nuclear deal clinched between Tehran and the World’s six major powers.

"China and others took advantage of the situation by buying oil from Iran and keeping the proceeds in their own banks. Iran wasn’t able to transfer the money to other countries and was forced to buy low quality goods and products from China," Dadkhah added.

"If sanctions are lifted and Iran joins the international money and financial system, these problems would be eliminated. But the IMF decision would not make much a difference," he said.

The International Monetary Fund has added China's currency into its benchmark reserve currency basket, in a boost to Beijing’s global economic ambitions.

Meanwhile Iran is increasing its export capacity in preparation for lifting imposed sanctions against its ailing economic and industrial sectors.

Iran exported 17.56 million tons of non-oil goods, worth $5.33 billion to China during the first eight months of 2015. China was the main importer of Iranian goods in the mentioned period. Beijing’s imports accounted for 22.7 percent of Iran’s total non-oil exports in terms of value and 33.3 percent in terms of volume.

Iran’s non-oil exports to China witnessed a fall of 15.3 percent in terms of value while the volume of the Islamic Republic’s non-oil exports to China decreased by 25.4 percent according to the Iranian Customs Administration’s monthly report published Oct. 4.

After China, Iraq (with $4.34 billion), the UAE (with $3.64 billion), India ($1.9 billion) and Afghanistan (with $1.67 billion) were the other four biggest importers of Iranian goods.

The five countries imported 71.9 percent of Iran’s total non-oil exports in terms of value in the first eight months of the current year.

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