| Submit your comments on this article |
| Syria-Lebanon-Iran |
| Iran: dollar detriment to world economy, oil trade |
| 2009-10-07 |
| [Iran Press TV Latest] Iran's Finance Minster described the dollar as a "detriment" to global economy adding that consensus is building among other nations as well that currencies other than the dollar should be used in the oil trade. "Some of the countries right now accept this idea," Minister of Economic Affairs and Finance Shamseddin Hosseini told reporters on Tuesday "But this is one of the subjects that needs more discussion and (to be) agreed on by everyone," he said on the sidelines of the semiannual meetings of the International Monetary Fund and the World Bank in Istanbul, Turkey. Earlier in September, Iran's President Mahmoud Ahmadinejad ordered the replacement of the US dollar by the euro in the country's foreign exchange accounts. Iran had announced earlier that the euro would replace the greenback in the country's oil transactions. The country has also called on other OPEC members to ditch the sinking dollar in favor of the more credible euro. Meanwhile, the Persian Gulf Arab states have recently started secret talks with Russia, China, Japan and France "to end dollar dealings for oil", a new report reveals. According to the report, written by Independent's Middle East correspondent Robert Fisk, the proposal was to replace US dollar for crude oil trade by a basket of different currencies over a period of nine years until 2018. Russia and Saudi Arabia have denied the report by the independent, which caused the dollar to fall towards the year's lows against the euro and the yen. "Generally, we believe that the dominance of the dollar in the global economy is to the detriment of everybody," Hosseini said. "We are not alone in this belief." Iran has significantly profited from replacing the US dollar by a basket of foreign currencies, the head of Iran's Central Bank said on Tuesday. "The basket of currencies has been adjusted by Iran's Central Bank in a way that it comprises of a set of different currencies," Mahmoud Bahmani told Mehr news Agency, adding that due to the initiative, the country would not lose on the whole after the devaluation of certain currencies. He added that the Iranian Central Bank regularly examines all the developments in the currency market and acts appropriately. |
| Posted by:Fred |
| #2 He added that the Iranian Central Bank regularly examines all the developments in the currency market and acts appropriately. I wonder how much of that "acting appropriately" is currency manipulation. |
| Posted by: Old Patriot 2009-10-07 18:59 |
| #1 What other curency is stable? Gonna use Zimbucks? |
| Posted by: Redneck Jim 2009-10-07 12:29 |