Post by Steve Gardner on Mar 2, 2008 11:59:27 GMT
This marks pretty much the end of the process for Iran as far as diversifying away from the $US is concerned.
It has been systematically moving away from the $US for some time now (see Passing the 'Buck') and this latest move, couple with the establishment of its own bourse (see Oil bourse opens in Iran's Kish Island), is sure to irritate the US administration.
Watch out for increased hyperbole, rhetoric and possibly even reports of an alleged act of Iranian aggression - the latter being about as reliable as claims Saddam had an active nuclear programme.
In other words, complete bollocks.
Source: Press TV
It has been systematically moving away from the $US for some time now (see Passing the 'Buck') and this latest move, couple with the establishment of its own bourse (see Oil bourse opens in Iran's Kish Island), is sure to irritate the US administration.
Watch out for increased hyperbole, rhetoric and possibly even reports of an alleged act of Iranian aggression - the latter being about as reliable as claims Saddam had an active nuclear programme.
In other words, complete bollocks.
Source: Press TV
Deputy head of the National Iranian Oil Company for international affairs says Iran has completely dropped dollar in its oil sales.
“We issue invoices in dollars and agree with clients that the letters of credit and other means of payment will have a non-dollar basis,” he said.
In an interview with The Financial Times, Hojjatollah Ghanimifard said that over the past three months, Iran has received 75 percent of the proceeds from its oil sales in euros and the remaining 25 percent in the Japanese currency, yen.
Analysts are of the view that Iran's oil revenues have enabled the country to bear the costs of UN sanctions and US attempts to prevent dollar transactions through third party banks.
Ali Shams-Ardakani, head of the energy committee of Iran's Chamber of Commerce, said the move away from the dollar was “absolutely right” and was economically justifiable on the grounds that it helped prevent losses due to the fall in the value of the US currency. “It should have happened much earlier,” FT quoted him as saying.
Ghanimifard did not deny there have been some problems for Iran in opening letters of credit but did not elaborate on the extent of the problem or which banks were involved.
“Sanctions could not harm our exports and those banks that have problems issuing letters of credit for our clients are the ones that lose income,” he said, insisting that trying different channels did not cost Iran “even one single cent”.
“We understood that money does not exist only in the west,” Ghanimifard said.
