The Governor of the Iranian Central Bank Mahmoud Bahmani said that Iran will accept both gold and other countries' national currencies as payment for its oil, the semi-official Mehr news agency reported Wednesday.

"In trade with foreign nations Iran will not limit itself to the US dollar. Our trade partners may provide payment in their own currency. If the country wishes, it can pay us in gold, and we will accept it without any reservations," Bahmani was quoted as saying.

He said that a separate barter arrangement also exists. Iran can receive goods from the countries instead of the hard currency and will face no problem, he added.

The United Nations Security Council and Western countries have imposed a series of economic sanctions on Iran in the past years over the country's controversial nuclear program.

Most of the Iranian financial institutions are barred from directly accessing the US and the European Union financial systems.

Also, the United States has put pressures and controls on the international financial institutions which are linked to the Islamic republic and has warned them about the risks of doing business with Iran.

The United States has been rallying its allies in imposing similar sanction pressures on Iran's financial system over its disputed nuclear program, which Tehran describes as solely for "peaceful" use of nuclear energy while the United States and its Western allies suspect as an attempt to acquire nuclear weapons.