Second-rate petrol state and paper tiger Iran is ditching the dollar.
According to the Tehran Times, the country announced that it plans to hold no dollars as part of its forex reserves, and that all of its oil transactions shall take place in other currencies.
Should you be trembling? No.
The TPOI (Trade Promotion organisation Of Iran) has also announced that since October 2007 Iran has sold 85 per cent of its oil exports in currencies other than the U.S. dollar and is determined to sell the remaining 15 per cent in other currencies such as the UAE dirham.
Ok, so this was mainly the case already, and now they’ll do marginally less business in dollars.
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