Saturday, December 08, 2007

How long has this been going on?

By Libby

I have to admit I've become a little lazy about following the news on Iran. I tend to rely on Cernig to tell me what I need to know and don't read every little thing, but I would think this would have been making more news. Or I am just the last one to notice that Iran has stopped taking US currency?

TEHRAN (AFP) — Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an "unreliable" currency.

"At the moment, selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies," Nozari was quoted as saying by the ISNA news agency. [...]

Iran has in the past months been whittling down the proportion of dollars in its oil revenue income. Officials in October said that dollars accounted for only 15 percent of payments and predicted the amount would fall to zero. [...]

Iran has also reduced its dollar assets held in foreign banks and urged OPEC to take collective action to price oil in other currencies such as the euro, instead of the US currency which is used across the world at present.

I used to hear a lot of speculation that the real reason we invaded Iraq was because Saddam was proposing the same sort of scheme. Could this be why the administration continues to overstate the threat of Iran? [h/t Lester]

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