Iran to replace dollar with euro

The move comes after US pressure blocked dollar funds from being sent into, or out of, Iran.

    Iran also indicated that it will calculate
    its budget revenues in euros 

    Oil revenue

     

    The move comes amid pressure from the United States for the UN Security Council to agree sanctions against Iran over its controversial nuclear programme.

     

    The US alleges that Iran is covertly building a nuclear weapon. Iran says that its nuclear programme is purely for civilian use.

    Elham implied that the move to the euro would also apply to Iran's oil revenues.

    "Foreign income sources and oil revenues will be calculated in euros and we will receive them in euros in order to put an end to our dependence on the dollar," Elham said.

     

    Bankers in Iran have said it has become difficult to receive Iranian-held money denominated in dollars from European bank accounts.

     

    They said that this was because of US pressure on European banking giants not to allow dollar-denominated funds to be sent into, or out of, the Islamic republic.

    SOURCE: Agencies


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