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Iran challenges U.S. dollar hegemony.(Inside Track)(Brief article)

The New American

| January 22, 2007 | COPYRIGHT 2007 American Opinion Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Iran announced last month it is implementing policies designed to end its dependence on the U.S. dollar. The central bank of Iran has been ordered to convert dollars to euros. Overseas assets denominated in dollars will be transformed to euros and foreign trade will be done in euros. That will also apply to oil deals, although the BBC reports that payments in dollars are still expected to be accepted.

The effect of these new policies has been downplayed since ...

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Source: HighBeam Research, Iran challenges U.S. dollar hegemony.(Inside Track)(Brief article)