Iran has proposed that transit fees for vessels passing through the Strait of Hormuz be paid in the national currency, the rial, as part of a parliamentary initiative aimed at reshaping maritime payment systems, reports Al Jazeera.
The head of Iran’s Parliament National Security Commission said ships using the strategic waterway would be required to pay transit charges in rial, according to a post by Iran’s consulate general in Mumbai on Friday.
Analysts told the media that Iran and China are increasingly exploring mechanisms to reduce reliance on the US dollar in global trade.
Reports also suggest that during recent disruptions in the strait following US-Israeli strikes, Iran effectively operated a “toll booth” system, charging some commercial vessels transit fees in Chinese yuan.
While the scale of yuan-based payments remains unclear, shipping data cited by Lloyd’s List indicated that at least two vessels had paid in yuan as of March 25.
The proposal comes amid broader geopolitical tensions surrounding control and security of one of the world’s most critical oil shipping routes.
Bd-Pratidin English/ AM
