Iran dumps US dollar for euro

Iranian President Mahmoud Ahmadinejad has ordered the shift of Iran's foreign currency reserves from the U.S. dollar to the euro.

Arabian Business reports that the Iranian government and its President ordered the removal of the US dollar to be replaced by the Euro, which was introduced in 1999, in order to protect themselves from the crumbling United States economy and devaluing dollar. The Euro will be the calculating factor of the Oil Stabilisation Fund (OSF), which is a fund that is set up to help the Iranian economy against fluctuating oil prices. It is also set up to help both the public and private sectors with their currency needs by extending loans. Iran's Central Bank deputy chief Reza Raei stated in December, according to Iran Daily, that the nation’s foreign exchange reserves were over $80 billion. Since the inception of the Euro in 1999, it has gain popularity by many nations and businesses across the globe. Currently, there are more Euros than dollars in circulation. After it was introduced in 1999, Iraq, at the time having the second-largest oil reserves, traded its oil in Euros. Venezuela has also pressured OPEC to abandon the US dollar, according to ADN Kronos.