Iran slashes oil transactions in dollars

[MB_722]

finally doing it.

TEHRAN (AFP) - Iran has slashed the use of the dollar in payment for its oil exports to 15 percent, an official said on Tuesday, amid growing pressure from arch-foe the United States on its financial system.
The vast majority of transactions for oil from OPEC's number two producer are now being carried out in euros, said Mohammad-Ali Khatibi, deputy head of the National Iranian Oil Company in charge of marketing.
"Iran is selling about 85 percent of its oil in the non-dollar currencies," Khatibi was quoted as saying by state television.
"Currently, about 65 percent of the oil sale income is in euros and 20 percent in yen," Khatibi added.
Japan, which purchases 20 percent of Iran's crude oil, has recently agreed to pay for the crude oil in yen, he said.
He also said that the remaining sums being paid in dollars, about 15 percent, are going to shift to "other creditworthy currencies".
Khatibi also cited the United Arab Emirates dirham as one other possible currency for use in oil transactions.
He said the main reason for the move was fluctuations of the dollar on the currency markets and the depreciation of its value since 2004.
Iran had previously announced that 60 percent of its oil transactions for export had been switched into euros.
Iran, the world's fourth largest oil exporter, has massively cut down its dependence on the dollar in the face of US pressures.
The United States has been seeking to make international banking transactions harder for Iran, as another tool to pressure Tehran into backing down over its controversial nuclear programme.
Several European banks have drastically cut business with Iran as a result of US pressure.
However despite problems with inflation and unemployment at home, Iran's economy is being helped by revenue windfalls from current high crude oil prices.
Iran's foreign currency reserves held in banks abroad have risen by 37 percent over the past year to the equivalent of 65 billion dollars as of the end of June 2007, the central bank said in September.

http://news.yahoo.com/s/afp/iranforexdollaroil;_ylt=AlCr5usZi2UMbra4pEsqtKMDW7oF

[240 is Back]

Iraq pulled this shit in 2002.

Ask them how that worked out for them.

[24KT]

Iraq pulled this shit in 2002.

Ask them how that worked out for them.

240, you say that almost as if you think it was a punitive measure taken to hurt the US,
as opposed to a protective measure aimed at ensuring a stable currency medium.

You may not see it, but the US dollar has been sinking like a stone thanks to Bush's handling of the economy.
Anyone in their right mind would not want anything to do with the USD right now, ...and this is coming from someone who has earned her living in strictly in USD for the past 6 yrs. It's even lower than the loonie.

[Stark]

Iraq pulled this shit in 2002.

Ask them how that worked out for them.

Yes but in 2002 we don't really needed that much oil

[2ND COMING]

is this why bush is not bombing iran's nuke facilities now?

[24KT]

Iraq pulled this shit in 2002.

Ask them how that worked out for them.

240,

Why do you believe Iran has shifted to Euros for oil exports rather than the US dollar?

And if you were the head of state of one of the top 4 oil exporters in the world, ...knowing what you know,
...and assuming your MBA is worth the paper it is printed on  , ...would you endeavor to do the same?