Brigadier Gholamreza Jalali, who chairs Iran’s Passive Defense Organization, said on Wednesday that Iran should adopt measures to reduce its vulnerability to any exclusion from the US-led dollar system in future.
“The dollar is the largest strength of the US and we should determine our position on the dollar,” Jalai was quoted by an Iranian state TV channel.
He suggested that using local currencies for mutual trade with other countries should remain an option for Iran even under normal circumstances when it uses the dollar for international exchanges.
Jalali said Iran should also diversify its reserves of hard currencies to become less vulnerable to US bans.
The comments come amid speculations that Iran could find a respite from sweeping American sanctions after the upcoming presidential elections in the US where incumbent Donald Trump is believed to have a low chance of reelection.
Iranian authorities have repeatedly said that they are not betting on the outcome of the November 3 votes in the US while insisting that the future of the country’s economy would not depend on who occupies the White House.
Jalali said that imposing economic sanctions and launching cyber attacks are the sole US option to pressure Iran, adding that Washington is no longer capable of threatening Iran militarily as it could trigger a harsh response from the Iranians.