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Iran's President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in calculating the value of the country's Oil Stabilisation Fund (OSF).The edict, issued on Sept 12, follows a recommendation by the trustees of the country's foreign reserves, Iran's English-language daily The Tehran Times said on Monday, citing Iran's semi-official Mehr News Agency.
The move was taken because the government wishes to protect itself from the fragility of the US economy and the weak dollar.
The OSF, which forms part of Iran’s foreign exchange reserves, is a contingency fund set aside to cushion the economy against fluctuating international oil prices.
It is also used to help both the public and private sectors with their hard currency needs by extending loans.
Press TV meanwhile reported that following the switch the interest rate for facilities provided from the foreign exchange reserves is to be cut to 5 percent from 12 percent.
Since its introduction in 1999 by the EU the euro has gained popularity internationally and there are now more euros in circulation than the dollar.
The problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - FahdI certainly hope that Tim Clark didn't mention that 4,000 mile range. If he did, he hasn't done his homework very well or he's asking for a massive range... more
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Thursday, 20 June 2013 9:25 AM - Louai AlasfahaniThe problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
@anguilla: Kalba town is part of the Sharjah Emirate.
along with khor fakkan and dibba al hisn.
http://en.wikipedia.org/wiki/Sharjah_%28emirate... more
It is Ok to accept the argument that the current measure are meant to reduce unregulated labor market.
But it seems to overlook the fact... more
The problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - FahdOrganizations like HRW, Green peace, ILO, UNHCR are so self serving that it is amazing they still exist! they spend 60/70 percent of their budgets (meant... more
Thursday, 30 May 2013 7:53 PM - NavinCountinua, women from NIGERIA will put you in their prayers more
Monday, 17 June 2013 5:40 PM - BINTU B M SULE
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