Monday, May 28, 2007

Iran moving away from U.S. Dollar

Citing the dropping value of the dollar, Iran is trying to distance itself from using the U.S. Dollar.

Iran already has plans on increasing their role in the region by becoming a major player in Natural Gas. With their oil reserves and gas as tools, they will do anything they can to further destabilize the U. S. Dollar and be a pain in the a**!

From Fars News Agency --

TEHRAN (Fars News Agency)- Iran, embroiled in a row with Washington over its nuclear program, has increased the amount of its oil export earnings in currencies other than US dollars to about 70%, an Iranian official said.

The figure is up from 60% cited in March for Iran's non-dollar oil export income and reflects the No. 2 OPEC producer's policy of reducing exposure to the greenback.

"About 70% of our oil export income is now in currencies other than the US dollar," Hojjatollah Ghanimifard, international affairs director of the state-owned National Iranian Oil Company (NIOC), told Reuters.

"If the dollar gets weaker, we will increase that percentage," said Ghanimifard, who in March had cited a figure of 60% for Iran's oil export income in other currencies.

Iranian officials have said they are seeking to limit dollar-denominated trade. The central bank governor has said Iran was seeking to "distance" itself from dollars and held just 20% of its foreign reserves in the US currency.

"We are following our government's monetary policy not to depend on the weak US dollar," Ghanimifard said, speaking on the sidelines of a conference in Tehran organized by Iran's Ravand Institute for Economic and International Studies. More....

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