BRICS: Iran Ditches U.S. Dollar for $10 Billion Trade With Iraq – Is this the beginning of the end for the dollar's dominance? Iran is actively pursuing a shift away from the U.S. dollar in international trade, particularly in its burgeoning $10 billion bilateral trade relationship with Iraq. The move aligns with a broader trend among BRICS nations to reduce reliance on the dollar and bolster their own currencies.

The government of Iran is considering ditching the U.S. dollar for a $10 billion bilateral trade with Iraq. The two nations are aiming to strengthen their native currencies and end dependence on the greenback. This initiative reflects a growing desire to circumvent potential sanctions and foster greater economic autonomy.

TEHRAN (Tasnim) – Like other BRICS members, Iran will work on the de-dollarization of trade, economic and financial transactions within the BRICS group of emerging economies. This collective effort signals a significant challenge to the established global financial order.

TEHRAN (Tasnim) – An official at Iran-Iraq Joint Chamber of Commerce said the BRICS group of major emerging economies is drawing up plans to remove the US dollar from trade settlements. This coordinated approach emphasizes the seriousness of the de-dollarization movement.

TEHRAN (Tasnim) – The Iranian Parliament speaker called for replacements for US dollar-denominated trade to counter unilateralism, urging the BRICS member states to actively participate in developing alternative financial systems. This call to action highlights the political will behind the move to ditch the dollar.

The $10 billion trade agreement between Iran and Iraq, increasingly conducted in currencies other than the U.S. dollar, represents a concrete example of this de-dollarization strategy. Will this bilateral agreement pave the way for wider adoption among BRICS members and beyond? This situation bears close watching for anyone involved in international finance and trade.