Middle East Economic Survey


No 11



NIOC Drops Dollar Transactions For Oil Exports

The Director of International Affairs at the National Iranian Oil Company (NIOC), Ali Arshi, told Mehr News Agency on 8 March that the company would no longer accept the dollar in payment for oil exports. He said this followed Irans recent problems with payment for supplies to India, after the Central Bank of India decided in late December 2010 to drop the Asian Clearing Union mechanism...