Iran’s decision to abandon the U.S. dollar from its foreign exchange accounts comes less than 20 months after opening the Iranian Oil Bourse–a commodity exchange devoid of U.S. dollars. Early December 2007, Iran announced that “nearly all” of the world’s 4th largest crude producer’s oil transactions were now being paid in non-U.S. currencies, which President Mahmoud Ahmadinejad has adequately called a “worthless piece of paper”. It was the first oil producer since Iraq under Saddam Hussein to do so. Months later, the U.S. invaded Iraq and overthrew that ‘rogue’.

Iran Replaces Dollar With Euro in FX

20 Sept 09 | Press TV

Iranian President Mahmoud Ahmadinejad has ordered the replacement of the U.S. dollar by the euro in the country’s foreign exchange accounts.

The September 12 edict was issued following a decision by the trustees of the country’s foreign reserves, Mehr News Agency reported.

Earlier, the Islamic Republic of Iran had announced that the euro would replace the greenback in the country’s oil transactions. Iran has called on other OPEC members to ditch the sinking dollar in favor of the more credible euro.

Following the switch, the interest rate for the facilities provided from the Foreign Exchange Reserves will be reduced from 12 to 5 percent.

Since being introduced by the European Union, the euro has gained popularity internationally and there are now more euros in circulation than the dollar.

The move will also help decouple Iran from the U.S. banking system.

Comments
  1. I don’t see Peresident Barack Hussein Obama II as helping our nation (I am a US Citizen) and trying to prevent Iran from going nuclear. I view Obama as being weak and not willing to take our nation to war as a preventive and precautionary measure against terrorism and against America’s worst enemy nations. Could I be right? What kind of man is Obama and why isn’t he more interested in helping and saving our nation? If he succeeds in Health care, but allows Iran to go nuclear, what has our nation gained or achieved? Obama wants to pass health care, because he and his people feel that by doing so he (Obama) will go down in history as one of the greatest modern day US Presidents. What do you people think?

  2. […] Countries are conspiring with Japan and other countries to abandon the U.S. dollar. Iran has completely abandoned the dollar from the its reserves. Nine Latin American powers have approved a document to replace […]

  3. […] Countries are conspiring with Japan and other countries to abandon the U.S. dollar. Iran has completely abandoned the dollar from the its reserves. Nine Latin American powers have approved a document to replace […]

  4. […] Countries are conspiring with Japan and other countries to abandon the U.S. dollar. Iran has completely abandoned the dollar from the its reserves. Nine Latin American powers have approved a document to replace […]

  5. […] has completely abandoned the dollar from the its reserves. Nine Latin American powers have approved a document to replace […]

  6. […] has completely abandoned the dollar from the its reserves. Nine Latin American powers have approved a document to replace […]

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