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Useless Rial Is U.S. Goal in New Iran Sanctions, Treasury Says

The U.S. wants to make Iran’s currency useless in global commerce through an executive order that gives financial institutions a July 1 deadline to stop dealing in rials or face sanctions, Treasury official David Cohen said.

President Barack Obama issued the order June 3, and “the purpose of the one-month phase-in period is to give financial institutions currently holding rials the opportunity to dump them,” said Cohen, the Treasury Department’s undersecretary for terrorism and financial intelligence, in an interview today in Washington.