In a development that could potentially reshape global trade dynamics, Iran’s parliamentary proposal suggests that transit fees for vessels passing through the Strait of Hormuz would be payable in the country’s official currency, the rial, as confirmed by an Iranian consulate general in Mumbai on Friday.
Experts have been speculating that Iran and China are actively exploring ways to challenge the US dollar’s status as the global reserve currency, according to recent insights shared with Al Jazeera.
Iran’s imposition of a de facto toll system during its blockade of the strait following US-Israeli strikes had previously required commercial vessels to pay transit fees in Chinese yuan, as reported by multiple sources.
While the exact number of vessels that utilized the yuan payment option during the blockade remains unclear, at least two had made such payments by March 25, as documented by Lloyd’s List this week.
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