New era for transits through the Strait of Hormuz: Currency determined
Iran has prepared a legal regulation stipulating that fees collected from ships ensuring safe passage through the Strait of Hormuz must be paid exclusively in Iranian rials.
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Ibrahim Azizi, Chairman of the National Security Commission of the Iranian Parliament, announced that under a new bill on the country's parliamentary agenda, payments for transits through the Strait of Hormuz will be made in the national currency, the rial. The statement was made during Azizi's remarks on a program on Iranian state television.
If the bill is implemented, international ships passing through the Strait of Hormuz will be unable to pay transit fees in foreign currencies such as the dollar or euro, and will be required to pay only in Iranian rials. The regulation developed by the parliament is seen as a move to increase Iran's economic and political influence at this sensitive maritime transit point.
In the same statement, Azizi said, "According to the bill prepared by the Parliament, transit fees for the Strait of Hormuz will be paid in the Iranian national currency, the rial." Azizi further stated that once the bill becomes law, the control of the Strait will be placed entirely under the strict supervision of the country's Armed Forces, and that cooperation agreements could also be signed with Oman for stability in the region.