, April 10 -- Iran has proposed that transit fees through the Strait of Hormuz be paid in the Iranian national currency, the rial, as part of a parliamentary initiative aimed at reshaping maritime payment systems.

The head of Iran's Parliament National Security Commission said under the proposal, vessels passing through 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, reports Al Jazeera.

Analysts told Al Jazeera Media Network 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 effectivel...