SBD
Admiral
Joined: 19 Aug 2004
Posts: 1022
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 Posted: Wed Dec 20, 2006 1:12 am Post subject: Iran to replace dollar with euro for deals including Oil |
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| Quote: | Vol XXIX NO. 274 Tuesday 19th December 2006
Gulf Daily News
Iran to replace dollar with euro for deals
Published: 19th December 2006
TEHRAN: Iran yesterday announced it has ordered the central bank to use euros for foreign transactions and transform the state's dollar-denominated assets held abroad into the single European currency."The government has ordered the central bank to replace the dollar with the euro to limit the problems of the executive organs in commercial transactions," government spokesman Gholam Hossein Elham told reporters.
"We will also employ this change for Iranian assets (in dollars) held abroad." Elham implied that the move would apply to oil revenues from the world's number four crude producer, although it remains to be seen how this would be received by the market.
"Foreign income sources and oil revenues will be calculated in euros and we will receive them in euros in order to put an end to our dependence on the dollar," Elham said.
The move comes amid mounting pressure from the United States for the UN Security Council to agree sanctions against Iran over its controversial nuclear programme.
Bankers in Iran have complained in recent weeks that it was becoming increasingly difficult to receive Iranian-held money denominated in dollars from European bank accounts.
They said that this was because of US pressure on European banking giants not to allow dollar-denominated funds to be sent into, or out of, the Islamic republic.
Elham added that Iran's budget would in future be calculated in euros. "Until now the budget has been calculated according to revenues in dollars, but this calculation will now change," he said.
Iranian press reports have said Iran has, since at least 2003, been shifting reserves out of dollars to other currencies or assets, encouraged by pressure from the United States which has been seeking to isolate Tehran over its nuclear programme. |
Back in November of 2000, Saddham did the same thing and we all know what happened to him!! Maybe Bush will finally do something about Iran to avoid the catastrophe of an OPEC switch to the Euro!!
SBD |
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