Iran cuts dollar-based transactions.

Iran said it is reducing its dollar-based transactions to a "minimum level" in response to US restrictions on Iranian banks.

"We will carry out our foreign currency transactions with currencies other than the dollar, and our use of the dollar will reach a minimum level," Economy Minister Davoud Danesh Jafari was quoted as saying by student news agency ISNA.

"Some US banks have been disrupting our dollar-transactions for a long time and Iran, in return, has been decreasing its dependence on dollar," he added, without elaborating.

The move comes after the US Treasury Department said in September it had barred Iran's state-run Bank Saderat from having any links with US-owned banks because of its "support for terrorism."