Iran replaces US dollars in oil transactions

April 30th, 2008 - 9:25 pm ICT by admin  

Xinhua
Tehran, April 30 (Xinhua) Iran has replaced the US dollar with other currencies in its oil transactions, an oil ministry official said Wednesday. “The dollar has completely been removed from our oil trade. Crude oil customers have agreed with us to use other currencies. Our future oil business will be in euro in Europe, yen in Asia,” he added.

In the wake of worsening relations with Washington in the past years over the nuclear disputes and the latest depreciation of the US dollar, Iran has vowed to scale down the use of the greenback in its foreign trade. The Iranian central bank has also reduced its dollar reserves.

During the last summit of the Organization of Petroleum Exporting Countries (OPEC) in Saudi Arabia, Iran proposed that it was necessary to replace the US dollar with other major hard currencies in oil trading.

Iranian Oil Minister Gholam Hossein Nozari declared last December that Tehran had completely stopped selling its oil in dollars, according to a report by the semi-official ISNA news agency at that time.
Xinhua

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