Iran proposes regional currency

Iranian President Masoud Pezeshkian on Tuesday proposed that Iran and its regional trading partners establish a shared currency to boost commerce amid crippling Western sanctions. Years of international sanctions, largely imposed by the United States over Tehran’s nuclear programme, have severely weakened Iran’s economy. The latest measures were reimposed by the United Nations in September, after months of stalled nuclear diplomacy. Speaking on the sidelines of the Economic Cooperation Organization (ECO) summit in Tehran, Pezeshkian said religious and cultural ties in the region could create conditions for closer communication and cooperation. “Even a common currency could be adopted in the region to help promote economic development,” he told a meeting with Tajik Interior Minister Ramazan Rahimzada, according to the presidency’s website.