Is this the beginning of the end for the dollar and/or the country of Iran? When Saddam Hussein discussed dumping the U.S. dollar for the Euro, his country received a few bombs and a new regime for its trouble. The new regime did not end up dumping the dollar -- rather it started pumping the dollar. Iran is dumping the dollar for the Euro right around the time there is lot of saber-rattlin' going on between Israel, Iran, USA and Russia.
Source: Adnkronos International
Iran's hardline president Mahmoud Ahmadinejad has ordered that the European currency, the euro, replace the US dollar for the country's foreign exchange reserves, Iranian media said on Monday. The edict, issued on 12 September was issued following a decision by the trustees of the country's foreign reserves, Iran's English-language daily The Tehran Times said on Monday, citing Iran's semi-official Mehr News Agency.
Following the switch, the interest rate for the facilities will be reduced from 12 to 5 percent and will help decouple Iran from the US banking system, Iran's official English-language news channel PressTV said.
In a statement by Iran's Central Bank deputy chief Reza Raei last December, the country's foreign exchange reserves topped 80 billion dollars.
Source: Adnkronos International
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