WASHINGTON (AP) — Officials say the U.S. may soon tell foreign governments and banks they can start using dollars in some instances to facilitate business with Iran.
The change could prove significant for Tehran’s sanctions-battered economy.
The officials say no decision is final.
But they say the Treasury Department is considering a general license permitting offshore financial institutions to access dollars for foreign currency trades in support of legitimate business with Iran.
Several restrictions would apply.
Because of the dollar’s status as the world’s dominant currency, money conversions often use the U.S. denomination. If the Iranians want to sell oil to India and be paid in euros instead of rupees, the process commonly starts with conversion into dollars.
The officials weren’t authorized to speak publicly on the internal discussions and demanded anonymity.