Wednesday, May 18th | 17 Iyyar 5782

March 31, 2016 10:05 am

Obama Administration Mulling License to Use Dollar in Trade With Iran

avatar by News Editor

Photo: Wikimedia Commons.

Photo: Wikimedia Commons.

The Obama administration may soon tell foreign governments and banks they can start using the dollar in some instances to facilitate business with Iran, officials told The Associated Press, describing an arcane tweak to US financial rules that could prove significant for Tehran’s sanctions-battered economy.

While no decision is final, US officials familiar with internal discussions said the Treasury Department is considering issuing a general license that would permit offshore financial institutions to access dollars for foreign currency trades in support of legitimate business with Iran, a practice that is currently illegal.

Read full story at CBS News.

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