Home » Iran Suggests Payment of Strait of Hormuz Transit Fees in Local Currency

Iran Suggests Payment of Strait of Hormuz Transit Fees in Local Currency

Iranian lawmakers have floated a proposal to collect transit fees through the Strait of Hormuz in the country’s domestic currency, the rial, as per a recent post from Iran’s consulate general in Mumbai. The announcement was made by the head of the Parliament National Security Commission.

Experts have been speculating that Iran and China are exploring ways to challenge the global supremacy of the US dollar, according to Al Jazeera sources. Under a previously implemented system, which functioned as a de facto toll booth regime during Iran’s blockade of the strait following US-Israeli strikes, commercial ships were required to pay transit fees in Chinese yuan, as reported by multiple sources.

Although the exact number of vessels that made yuan payments during the blockade remains unclear, at least two had done so as of March 25, according to Lloyd’s List.

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