Tehran, Nov. 23, 09 (Hamsayeh.Net) - Iranian officials say the country has gained equivalent of nearly $5 billion through its switching from the US currency in favour of the euro.
Central Bank Governor Mahmoud Bahmani told reporters on the sideline of a seminar on Banking Services and Export, this morning, that Iran was able to reduce considerably the amount of US currency at its basket of currencies in favour of euro.
Iran, since October 2007, receives over 85 percent of its oil export revenues in currencies other than the US dollar and due the risks involved with the US dollar the country is determined to completely trash the dollar altogether in favour of more reliable currencies.
The current global economic downturn caused by US' gambling style economic policies has dealt a major blow to dollar’s reputation as an international currency. The US dollar has lost much of its value compare with other currencies like euro or the Japanese Yen since the beginning of the financial crisis.
Only recently, Chinese officials voiced concerns over the dollar’s weakness. China is world’s biggest holder of the US currency and it is afraid that a constant devaluation will turn the holdings into a big pile of printed-paper that would be worthless in the future.
Almost all other countries, especially those that depend on the exports of their raw materials have joined the foray. Oil producing countries including Saudi Arabia, Venezuela, Russia as well as Sudan, South Korea and even China have decided to switch to other currencies as well.
Iran began to replace its trades in dollars with other foreign exchanges in 2005.
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