Iran is looking to replace the US dollar with a “more relevant currency unit” in financial accounts as of the beginning of the Iranian new year on 20 March, Central Bank of Iran (CBI) governor Valiollah Seif says. 

Ongoing US sanctions mean Iran has difficulties in dollar dealings. Mr Seif hints Iran may opt for the euro or a basket of the currencies in which it conducts the bulk of foreign trade.

He claims that only a small portion of the country’s foreign trade is...