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12/23/06

IranMania - Iran replaces dollar with euro in foreign deals

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Iran replaces dollar with euro in foreign deals

The Iranian government prepared ground for replacement of dollar with euro and other foreign exchanges, Secretariat of the government's information dissemination council said, IRNA reported. The Economy Council, during its session chaired by President Mahmoud Ahmadinejad on December 2, approved a ratification to transform dollar-denominated forex activities into euros. Based on the ratification, the Central Bank of Iran (CBI) is obliged to change foreign exchanges in all previous and future approvals of the Economy Council from dollar into euro or other forex while equalizing the rate of dollar with demanded forex.

The ratification was ordered to all ministries, the CBI and the Management and Planning Organization.Use of monetary base "rial/euro" was among characteristics of budget bill for the next Iranian calendar year.

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