MNA – Iranian lawmakers have rejected a bill proposed by the government to conclude monetary pacts with other countries to break the monopoly of the US dollar in foreign trades.

The bill failed to obtain approval by the Parliament during today’s open session with 69 votes in favor, 99 votes against and 11 abstentions by 206 lawmakers in attendance.

The bilateral monetary treaties are aimed at ditching dollar in trade transactions.

A Parliamentarian, Hassan Nowruzi, who opposed the plan, said approving such bill would only lead to the entanglement of several laws and will not contribute to better implementation of monetary policies.

In turn, Hadi Ghavami, another lawmaker pro to the bill, believes that a currency swap agreement between states could potentially lessen the US dollar's influence, and it is a fundamental solution for settling economic problems and overcoming new round of sanctions imposed by the US on Iran.

According to a member of Iranian Parliament Economic Commission Ahmad Anaraki Mohammadi, Iran is currently doing business with countries like China and India based on bilateral monetary treaties.