Iran calls for common regional currency

Shafaq News – Tehran

Iranian President Masoud Pezeshkian proposed on Tuesday the creation of a unified regional currency among member states of the Economic Cooperation Organization (ECO) to strengthen trade exchanges within the bloc, according to Iranian media reports.

During a meeting in Tehran with Tajikistan’s Interior Minister, Pezeshkian stated a common currency could “enhance economic development” in the region, emphasizing that shared religious and cultural ties among member countries could help create favorable conditions for cooperation and remove existing barriers.

ECO was established in 1985 through an initiative by Iran, Pakistan, and Turkiye to promote regional trade. It now includes ten member states, among them five from Central Asia — Tajikistan, Kyrgyzstan, Uzbekistan, Kazakhstan, and Turkmenistan — as well as Azerbaijan and Afghanistan. Together, the group represents a population of more than 550 million people.

Iran remains under extensive international sanctions, particularly those imposed by the United States over its nuclear program. These restrictions have severely limited Tehran’s financial and trade relations with much of the world, weakening the Iranian rial and driving persistent inflation across the country.