By John Lee.
The United States may soon relax its restrictions on the use of dollars in transactions with Iran, according to a report from The Associated Press.
Officials told the news agency that the Treasury Department is considering issuing a general license that would permit offshore financial institutions to access dollars for foreign currency trades in support of ‘legitimate business’ with the country.
It is understood that no Iranian banks could be involved, no Iranian rials could enter into the transaction, and the payment wouldn’t be able to start or end with American dollars.
The ban would still apply if the final payment is intended for an Iranian individual or business on a U.S. sanctions blacklist.
Treasury Secretary Jack Lew (pictured) said this week that “since Iran has kept its end of the deal, it is our responsibility to uphold ours, in both letter and spirit.”
(Source: The Associated Press)