Iran dumps Us dollar for euro

The Iranian government and its President have reportedly ordered the removal of the Us dollar which is to be replaced by the Euro. Introduced in 1999 to safeguard themselves from the falling United States economy and devaluing dollar.

The Euro will be used as the calculating factor of the Oil Stabilization Fund(OSF) a fund set up with the intention of helping the Iranian economy manage the fluctuating oil prices.

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Furthermore, to aid both private and public sectors solve their currency needs by loan extension. The deputy chief of the Iran’s Central Bank, Chief Reza Raei was quoted to have said this December that the nation’s foreign exchange reserve was over $80 billion.

The Euro has gained prominence by many nations and businesses worldwide since its inception in 1999. There are currently more Euros than dollar in circulation, since its introduction in 1999, Iraq traded its oil in Euros, at that time they had the second largest oil reserves.

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