The Central Bank of Iran (CBI) has planned to restrict its euro transactions, local satellite Press TV reported on Wednesday.
CBI has a major plan for converting 45 billion of its euro reserves into dollar and gold ingots, the report said.
The CBI’s new monetary policy comes against a backdrop of a new phase of economic recession in the European states of Greece and Spain, which has caused a drop in the value of euro against the dollar in international markets, according to Press TV.
In 2005, Iran’s President Mahmoud Ahmadinejad proposed a switch in the country’s transactions from U.S. dollar to euro as a counter-measure to the U.S. and Western moves against Iran’s controversial nuclear program.
Since October 2007, Iran received 85 percent of its oil revenues in currencies other than the U.S. dollar, according to the report.
In September 2009, Ahmadinejad ordered the euro to be used instead of the dollar as Iran’s “basic foreign currency.”
http://english.cri.cn/6966/2010/06/02/2021s574157.htm
They may be crazy, but they ain't stupid.
Funny, AQ did the same things, when we confiscated AQ cash during raids, we found mostly Euros as soon as they were issued. Then about a year ago it started switching back to dollars, now, all the terror $ going into Iraq and AfPak is dollars.
I've often said that AQ's money men are probably terrific investment analysts and traders.....in our own backyards.