IRNA - Advisor to the supreme leader for international affairs and member of the Expediency Council Ali Akbar Velayati said on Sunday that talks are underway to replace US dollars in foreign transactions.

Addressing a special ceremony marking the 90th year of the establishment of Central Bank of Iran (CBI), he said it has been agreed that in foreign transactions with Russia, Turkey, China and India US dollars to be eliminated.

Under such circumstances, CBI will use the currency of the target country for trade exchanges between the two sides to ditch US dollars in its foreign truncations, Velayati said.

This policy has already successfully being implemented in other countries such as BRICS group comprising Brazil, Russia, India, China and South Africa, he said.