Some time, I read (and posted) articles about China, Europe and
other countries thinking of replacing USD as the world reserve
currency.... Opps, now someone (1 country) actually did it~!
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Iran
Replaces the Dollar With the Euro
20 Sep
2009
Iran's
President Mahmoud Ahmadinejad has ordered the replacement of the US
dollar by the euro in the country's foreign exchange
accounts.
The September 12 edict was issued following a decision by the
trustees of the country's foreign reserves, Mehr News Agency
reported.
Earlier, the Islamic Republic of Iran had announced that the euro
would replace the greenback in the country's oil transactions. Iran
has called on other OPEC members to ditch the sinking dollar in
favor of the more credible euro.
Following the switch, the interest rate for the facilities provided
from the Foreign Exchange Reserves will be reduced from12 to 5
percent.
Since being introduced by the European Union, the euro has gained
popularity internationally and there are now more euros in
circulation than the dollar.
The move will also help decouple Iran from the US banking
system.
