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Iran switches from dollar to euro

Public Policy

Iran’s feud with the US is set to get worse after Tehran announced yesterday that it will start reporting foreign currency amounts in euros rather than US dollars, as part of the country’s effort to reduce its reliance on the American currency due to political tension with Washington.

Central bank governor Valiollah Seif said last week that Supreme Leader Ayatollah Ali Khamenei had welcomed his suggestion of replacing the dollar with the euro in foreign trade, as the “dollar has no place in our transactions today”.

Iran does hardly any trade with the US due to decades of economic sanctions. It’s most important trading partner is the UAE, which accounts for around 24 per cent of all Iranian imports and exports. China is not far behind with 22 per cent, followed by Turkey, India and the EU, all of which account for around six per cent of Iran’s trade.

Iran’s leaders have been threatening for some time to ditch the dollar for a different currency. The shift towards euro took on added urgency after the appointment of Donald Trump and his decision to include Iran on a list of mainly Muslim majority countries banned from entering the US.

Trump has also threatened to exit a 2015 nuclear deal Iran made with world powers. The next major test for the deal is 12 May when Trump will be required to re-endorse the deal, which he has derided as “the worst deal ever”.

The move is seen by Iranian officials as a logical and necessary step. The threat of further US sanctions has destabilised Iran’s foreign exchange market in recent months. Bank transactions involving the dollar are already difficult for Iran; sanctions have made US banks unwilling to do business with Tehran; foreign firms can be exposed to sanctions if they do Iranian deals in dollars, even if the operations involve non-US branches.

According to Reuters, Ali Khamenei, who has welcomed the decision to replace the dollar, blamed foreign enemies for the “recent issues in the currency market” and asked Iran’s intelligence services to defuse the plots against the Islamic Republic.

www.middleeastmonitor.com



131 Comments on "Iran switches from dollar to euro"

  1. Davy on Sun, 22nd Apr 2018 7:34 am 

    Tell that to the normal people who use the dollar. As much as Iran would like the dollar is still currency of choice of the masses. The government is a different story and it is admirable the resolve Iran has at that level with its battle against sanctions.

  2. makati1 on Sun, 22nd Apr 2018 7:56 am 

    USDs, are only going to last a few more years as THE reserve currency. The good ship DEBT USA will go under when the next market crash occurs, never to resurface. It’s called a tipping point. When the Us tries to monetize the new trillions in debt and no one buys, it will be all over.

    The USD is only backed by faith, nothing of real value, like gold. I suspect that the world is soon going to discover that the “emperor has no clothes(GOLD)” And China, Iran, India, Russia, etc does. Even the EU countries are repatriating their gold from the Us before it is confiscated by the bankrupt Empire. LOL

  3. MASTERMIND on Sun, 22nd Apr 2018 8:02 am 

    World Bank recommends that countries eliminate minimum wage, dismantle wrongful dismissal rules and contractual protections for workers

    https://boingboing.net/2018/04/21/are-there-no-workhouses-4.html

    The bankers want to turn us all into their slaves! I hope these bankers are around when BAU goes down…They deserve to suffer

  4. twocats on Sun, 22nd Apr 2018 8:19 am 

    Turkey just announced it is moving gold reserves back to Istanbul. And Hungary did a few months ago.

    dollar correlations with various other items have always been like seeing constellations to me – you have to squint, but I guess they exist – and although some were strained a bit in 2017 – I’d be surprised if any have broken down.

  5. twocats on Sun, 22nd Apr 2018 8:21 am 

    absolutely MM – when it goes down I hope some of these guys are around and that more than a few people know who to go after.

  6. Cloggie on Sun, 22nd Apr 2018 8:42 am 

    Iraq and Libya did not survive a similar move, although it is difficult to prove the causality here. But there can be no doubt that the move is coordinated with Russia and China. And perhaps even with Europe, that strongly backs the Obama nuclear deal. It is only a matter of time until Iran will become a full SCO member, which would mean that a US attack against Iran would imply WW3.

  7. Davy on Sun, 22nd Apr 2018 8:46 am 

    Spare me the drama neder, Iran is too powerful to attack and the US knows it. The trade offs are too great. Proxy battles in Syria are another story.

  8. JuanP on Sun, 22nd Apr 2018 9:37 am 

    The US Dollar loses value all the time. I no longer hold any significant amount of dollars. I buy silver and gold as often as I can. Sooner or later the dollar’s value will collapse and people who have their life savings in US dollars will be broke! Iran is brave since as Cloggie pointed out countries that do this tend to get bombed and destroyed by the US Empire and its minions. Now the USA has no choice but to destroy Iran or completely lose face. I expect false flags connected to Iran to increase sanctions. We all know the pattern now. That Ayatollah has instantly become worse than Hitler for the American sheeple!

  9. joe on Sun, 22nd Apr 2018 9:39 am 

    The move is mostly symbolic, like the rest of third world the masses trade in dollars. They can freely go to Iraq to buy what they want and Turkey/Azerbaijan/Georgia are only a few hours drive from Tehran. I will sit up and look shocked when they ban Iranian people from owning the greenback. Publishing ‘offical’ figures in Euros only proves that the larger truer size of Irans economy is not being published, great way to evade taxes imho….
    The ones I pity are the poor Iranian common people who now will suffer much higher inflation cause now that the dollar is part of the black economy, prices will go up.
    As for attacking Iran, I wouldn’t mind too much if Israel got a sneek in on the entire nuclear network, but it’s gonna be like pulling a weed, you need to get all of it at once. Too big of a risk not without a seriously coordinated attack, like the 6 day war on steroids. Probably not gonna happen, modern radar too good, and Iran has probobly by hidden most of its weapons programme in bunkers. Iran can’t really cosy up to China too much either. By rights an Islamic Republic should be fighting non – Abrahamic and atheist countries before the likes of America. It always amazes me how America can persue Iran for so long, they would make such great allies…

  10. Boat on Sun, 22nd Apr 2018 10:13 am 

    JaunP

    The dollar loses value all the time? Here is some dollar history.

    https://tradingeconomics.com/united-states/currency

    Remember, when the line goes up that’s a gain in value. Lol

  11. Boat on Sun, 22nd Apr 2018 10:16 am 

    Davy

    No matter the power of Iran, bombing will happen if they develope nukes. It may happen anyway if they keep funding terrorists.

  12. Cloggie on Sun, 22nd Apr 2018 12:40 pm 

    Who loves-hates Russia?

    https://www.bloomberg.com/view/articles/2018-03-27/russia-sanctions-europe-s-weak-response-to-the-skripal-poisoning

    UK hates Russia most, Netherlands the least.

    A (((Leonid Bershitsky))) complains that continental European reaction to the Skripal farce was weak at best.

    Reason: continental Europe is tired of being pushed in a conflict against Russia by the Bershitsky’s of this world:

    https://www.jdnmirror.com/images/mel-gibson-jews-all-wars.jpg

    Europe in diplomatic push to ease Russia sanctions

    https://www.ft.com/content/9b9bbd3c-44a5-11e8-93cf-67ac3a6482fd

    Paris-Berlin axis preparing massive push to convince Trump to ease sanctions on Russia.

    Perhaps it is time for some European unilateralism and stop asking permission from the overlord.

  13. Antius on Sun, 22nd Apr 2018 2:14 pm 

    “UK hates Russia most, Netherlands the least.”

    Proof that UK police-state brainwashing really does work.

  14. makati1 on Sun, 22nd Apr 2018 7:06 pm 

    “Onward Christian Soldiers: Bombing of Syria Reveals the US as Communist State”

    “The US has become the new Soviet Union,…it was very difficult to escape from the Soviet bloc. …the USD has been the world’s reserve currency since Richard Nixon, …More and more countries, including China and Russia, no longer peg their currencies to the dollar. …These governments did this to “take back control””

    https://journal-neo.org/2018/04/22/onward-christian-soldiers-bombing-of-syria-reveals-the-us-as-communist-state/

    “In true communist fashion, freedom of speech is fine provided you don’t say anything the rulers don’t like….Trump revealed in a recent interview that he doesn’t even know which country he is bombing. Nevertheless, his allies have gone along with it because they fear what will happen to them if they do not. Is this the world any Western ally, and Americans themselves, ever wanted? The US will only have itself to blame when its greatest friends suddenly realise that the US is now so afraid of everyone.”

  15. Davy on Sun, 22nd Apr 2018 7:19 pm 

    Billy 3rd world, got any more references on this:

    “Trump revealed in a recent interview that he doesn’t even know which country he is bombing.”

    I think you are full of shit, slimball

  16. MASTERMIND on Sun, 22nd Apr 2018 7:36 pm 

    “There are four very familiar cures for over population, they ride horses”.

    -JMG

  17. MASTERMIND on Sun, 22nd Apr 2018 7:40 pm 

    Madkat

    You lived here longer than I have been alive. What did you do to stop the war mongering government? Nothing. You actually ran away to another country. And now you sit on a soap box preaching to us living here now. That its all are fault and we deserve to live in third world status. How can you do nothing yourself while you lived here most of your entire life, and do nothing? Its people like you and your generation that built this monster and shouldn’t have chopped off its head from the start.

  18. makati1 on Sun, 22nd Apr 2018 7:48 pm 

    Mm, I resigned my military commission, paid as little tax as legally possible, stopped voting/supporting for any party, stopped watching TV(propaganda), moved out of the country and now point out all of it’s immorality, insanity and lies. I no longer support it in any way.

    You have the advantage of news sources outside the Us MSM Iron Curtain(internet), I didn’t. You have no excuse for ignorance. What are YOU doing about it?

  19. makati1 on Sun, 22nd Apr 2018 7:48 pm 

    Davy, no one cares what you think.

  20. Davy on Sun, 22nd Apr 2018 7:59 pm 

    billy 3rd world, the point is you are posting lies. I could give a shit what you think of me. slimeball.

  21. Davy on Sun, 22nd Apr 2018 8:02 pm 

    “I no longer support it in any way.”
    Right, so you are no longer a US citizen so tell greggie that. You are a backstabbing traitor. You shucked your responsibilities and run off like a coward. Quite making excuses billy 3rd world.

  22. MASTERMIND on Sun, 22nd Apr 2018 8:27 pm 

    Oil’s ‘artificial’ surge to multi-year highs could spark a new crisis, economist warns

    https://www.cnbc.com/2018/04/19/oils-artificial-surge-to-multi-year-highs-could-spark-a-new-crisis-economist-warns.html

  23. MASTERMIND on Sun, 22nd Apr 2018 8:28 pm 

    Madkat

    “There are four very familiar cures for over population, they ride horses”.
    -JMG

    And you can call me Paul Revere! THE DIE OFF IS COMING! THE GLOBAL COLLAPSE IS COMING!

  24. makati1 on Sun, 22nd Apr 2018 8:31 pm 

    MM, yep and it will hit the Us the hardest. The Us is full of snowflakes, whimps and uneducated fools who depend on FFs and toilet paper dollars to stay alive. Not so in most other countries. But, keep dreaming that it will be worse everywhere else. LOL

  25. Davy on Sun, 22nd Apr 2018 8:37 pm 

    Billy 3rd world, Asians are going to starve and you along with them. Asians are increasingly snowflakes and wimps no different than the Americans you hate. You are dreaming a lie and it is going to bite you in the ass if you live long enough to taste some hard times in the P’s.

  26. MASTERMIND on Sun, 22nd Apr 2018 8:55 pm 

    Madkat

    Hard times > Hard people > Good times > Soft People > Hard Times…Rinse and Repeat!

    It was your Boomer generation who broke the link. All that sex, drugs, and rock n roll! All the drugs, booze, and unprotected sex!

  27. makati1 on Sun, 22nd Apr 2018 9:04 pm 

    You would like to believe that Davy, but you have no rational basis to prove it. None. You have never been here. All you can do is parrot the current anti-Asian propaganda.

    The Ps is basically self sufficient in food and most necessities. With a high percentage of farmers (26% 2017) to employed population, they will be able to feed the country, even after the SHTF. Traditional farming, not petrochemical farming.

    The Us has less than 2% of its employed population still farming and most of those are retirement age. Big Ag killed true food self sufficiency in the Us. Few Us citizens have the ability to even grow a garden, nor the land to do so. The Us imports 25% of its food. relies on petrochemicals to grow mono-culture crops.

    https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS (World percentage is 26%)

    Yep! The rest of the world is going to hurt while obesity is still rampant in America! LMAO

  28. MASTERMIND on Sun, 22nd Apr 2018 9:07 pm 

    If you noticed the gas prices going up, just remember what happened last time America elected a Republican President?

  29. makati1 on Sun, 22nd Apr 2018 9:14 pm 

    MM, soft people cannot transform into hard people in a few days, weeks, months or even years. Skills take time to learn. Some take a life time. Americans will die by the millions of all of the diseases of an easy life. Obesity, diabetes, heart failure, etc. Not just starvation. Suicides will boom when the drugs are not available to allow them to deal with real life. Reality is not something they face daily like the rest of te world.

    BTW: I predate the “boomer” generation. What is YOUR generation doing except the same thing, or worse? Be careful where you point that finger of blame. The other fingers are pointing right back at you.

  30. MASTERMIND on Sun, 22nd Apr 2018 9:29 pm 

    Madkat

    You can only point with one finger. So your argument is irrational. Nice trying to sound clever..You will never be me dude! Your best days are decades ago…You are like an old broken down rusty truck…

  31. MASTERMIND on Sun, 22nd Apr 2018 9:31 pm 

    Madkat

    I said “Soft people create hard times, which create good times. Face it, it was your generation and boomers who broke the link. Sex, drugs and rock and roll. Tune off, tune in, and drop out…Just like you did out of college.

  32. MASTERMIND on Sun, 22nd Apr 2018 10:26 pm 

    Trump’s is a disaster. Only 2 percent economic growth (GDP). The US dollar had its first decline in five years, and its worst year in 15 years. Losing nearly ten percent of its value, since his election. And gas prices are already up more than 50 cents a gallon. We were hit with two category four hurricanes in the same year, for the first time ever. And we have had the largest mass shooting and school shooting in US history. And he has committed two war crimes attacking anther country ,(Without any proof) that didn’t attack the US or represent any threat to the homeland. And he passed a tax cut titled “The middle class tax cut” of which 3/4 went didn’t even go to the middle class, and went to the top five percent..

    Trump country better find a new horse to plug…This one died at the gate…

  33. MASTERMIND on Sun, 22nd Apr 2018 10:32 pm 

    Trump’s is a disaster. Only 2 percent economic growth (GDP). The US dollar had its first decline in five years, and its worst year in 15 years. Losing nearly ten percent of its value, since his election. And gas prices are already up more than 50 cents a gallon. We were hit with two category four hurricanes in the same year, for the first time ever. And we have had the largest mass shooting and school shooting in US history. And he has committed two war crimes attacking anther country ,(Without any proof) that didn’t attack the US or represent any threat to the homeland. And he passed a tax cut titled “The middle class tax cut” of which 3/4 went didn’t even go to the middle class, and went to the top five percent. And our largest employer Retail is having an apocalypse and more stores are going bankrupt than ever in history. And more people died of drug overdoes in his first year than the entire Vietnam war. And the auto industry had its first year of negative auto sales since the great recession and is laying off workers. And the movie industry had it worst year in 20 years….

    Trump country better find a new horse to plug…This one died at the gate…

  34. MASTERMIND on Sun, 22nd Apr 2018 10:41 pm 

    he globalist are laughing it up at Trump! No need to take him out! Just sit back and eat popcorn! Soros might live to be 100 now! LOL

  35. Cloggie on Sun, 22nd Apr 2018 10:46 pm 

    “And he has committed two war crimes attacking anther country ,(Without any proof) that didn’t attack the US or represent any threat to the homeland.”

    That applies to all the wars America has waged since the Maine false flag. Getting hypocritical, are we? In both cases btw Trump was setup by that US-AID extension called “White Helmets” and their instigated “chemical weapons”, of which even millimind admitted it was a false flag.

  36. makati1 on Sun, 22nd Apr 2018 10:59 pm 

    Sorry MM, but there are at least three pointing back at you. There is no reason that only one finger can point at one time. None.

    Yep, I was smarter than the average American then. I did leave the money pit called college and never regretted it. You on the other hand, are supposedly degreed and yet unemployed and begging from your mom. At your age, I was fully employed, learning skills and living on my own dime. True for all of my years of employment. Now comfortably retired and enjoying life even more. I doubt that you will ever be able to claim the same. But, keep paying your taxes, I would like to keep using my SS to improve my preps.

  37. Cloggie on Sun, 22nd Apr 2018 11:01 pm 

    “he globalist are laughing it up at Trump! No need to take him out! Just sit back and eat popcorn! Soros might live to be 100 now! LOL”

    I wouldn’t laugh to hard if I were you. The longer “the globalists” are kept from the driver seat, the more the rest of the world gets comforteble with the absence of the bully and fill in the power vacuum.

    Who are these “globalists” anyway. Are they wearing pink suits and white shoes, do they have long noses, nervous gestures? I would like to know!

  38. MASTERMIND on Sun, 22nd Apr 2018 11:02 pm 

    Michael Moore brings ‘Flint Water’ to Michigan capitol, tells governor to drink it

    http://thehill.com/blogs/in-the-know/384265-michael-moore-brings-flint-water-to-michigan-capitol-tells-governor-to

  39. Cloggie on Sun, 22nd Apr 2018 11:11 pm 

    “Trump country better find a new horse to plug…This one died at the gate…”

    Trump is the American Gorbachev, whose fate it is to blow up the US empire and the US itself. Gorby never wanted that to happen to his own toko, but it happened anyway. Kosher instigated empires have an extremely short life-span, like any freak show.

    Perhaps (T)rump-America will find itself a Putin as well… “after the break” and after 10 years of misery and having to endure Europeans with blankets and warm words.

  40. MASTERMIND on Sun, 22nd Apr 2018 11:15 pm 

    Earth Day:

    Conservatives purposely making pickup trucks spew black smoke

    http://www.digitaljournal.com/news/environment/conservatives-purposely-making-pickup-trucks-spew-black-smoke/article/388821

  41. Cloggie on Sun, 22nd Apr 2018 11:18 pm 

    What is this fascination millimind, with old news?

  42. MASTERMIND on Sun, 22nd Apr 2018 11:21 pm 

    Imagine Trump was a CEO of a major US company. How long would he last?

  43. MASTERMIND on Sun, 22nd Apr 2018 11:32 pm 

    Melania Show Us Your Papers! We’ve Seen Everything Else!

    https://imgur.com/a/3ZVP7Fx

  44. Antius on Sun, 22nd Apr 2018 11:36 pm 

    “Trump’s is a disaster. Only 2 percent economic growth (GDP). The US dollar had its first decline in five years, and its worst year in 15 years. Losing nearly ten percent of its value, since his election. And gas prices are already up more than 50 cents a gallon. We were hit with two category four hurricanes in the same year, for the first time ever. And we have had the largest mass shooting and school shooting in US history. And he has committed two war crimes attacking anther country ,(Without any proof) that didn’t attack the US or represent any threat to the homeland. And he passed a tax cut titled “The middle class tax cut” of which 3/4 went didn’t even go to the middle class, and went to the top five percent”

    Trump’s spending spree and resultant surge in US debt has a lot to do with the decline in dollar value. That is probably his worst failing, as it is pushing up inflation and fed rates along with it. That will definitely lead to a heavy recession in the next couple of years. Caving in to the deep state and allowing the bombing of Syria over a false-flag chemical attack, was rather low and only undermines US credibility on the world stage.

    But hurricanes and mass shootings? I don’t think The Donald had anything to do with that. Kind of like asserting that we had a plague of frogs this year, because The Donald has angered the gods.

  45. MASTERMIND on Sun, 22nd Apr 2018 11:44 pm 

    Antus

    Trump’s is a disaster. Only 2 percent economic growth (GDP). The US dollar had its first decline in five years, and its worst year in 15 years. Losing nearly ten percent of its value, since his election. And gas prices are already up more than 50 cents a gallon. Walking away from the Paris climate agreement and then getting hit with two category four hurricanes in the same year, for the first time ever. And he has sat on his hands after having the largest mass shooting and school shooting in US history. And he has committed two war crimes attacking anther country ,(Without any proof) that didn’t attack the US or represent any threat to the homeland. And he passed a tax cut titled “The middle class tax cut” of which 3/4 went didn’t even go to the middle class, and went to the top five percent. And our largest employer Retail is having an apocalypse and more stores are going bankrupt than ever in history. And more people died of drug overdoes in his first year than the entire Vietnam war. And the auto industry had its first year of negative auto sales since the great recession and is laying off workers. And the movie industry had it worst year in 20 years.

    Trump country better find a new horse to plug…This one died at the gate…

  46. MASTERMIND on Mon, 23rd Apr 2018 12:14 am 

    The collapse of Saudi Arabia is inevitable

    http://www.middleeasteye.net/columns/collapse-saudi-arabia-inevitable-1895380679

  47. Cloggie on Mon, 23rd Apr 2018 12:36 am 

    “The collapse of Saudi Arabia is inevitable”

    Think so too. The alliance (vassalship) of the KSA leadership with US/Israel has become a liability for the former. Qatar keeps supporting the Muslim Brotherhood with the aim to toople the “royals”, that pissed off said royals, who began to threathen Qatar. And guess who came to the rescue of Sunni and sunny Qatar? Yep Iran AND Turkey! The defining characteristic is not Sunni or Shia religeous identity (once cleansed and segregated they get along fine), but the question whether “am I owned by ZOG or not”. There is now the distinct possibility of Iran, Turkey, Syria, Qatar, Yemen, getting along, and all united at aiming at toppling the most important remaining US colony: KSA.

  48. Antius on Mon, 23rd Apr 2018 1:51 am 

    “Trump’s is a disaster.”

    All of the things you are talking about would have happened without Trump and became inevitable from 2000 onwards.

    The US has been building debt and interest rates have been falling since the early 1980s. US debt grew explosively under Bush and Obama, really taking off since 2000. A dollar decline was inevitable. Trump inherited the mess.

    No society can survive the destruction of its physical resource base. Absent the discovery of some cheap energy source, the US will continue to decline. It is a matter of physics. The things that might reverse the decline, such as regulatory reforms that reduce the cost of new nuclear power and the end of cultural Marxism, are the very things that western societies appear least willing to do.

  49. Cloggie on Mon, 23rd Apr 2018 3:30 am 

    Putin last month about Russia, Germany and a “common European future”:

    https://documents1940.wordpress.com/2018/03/20/vladimir-putin-about-german-russian-reconciliation/

    Putin reconfirms Paris-Berlin-Moscow.

    And I think Putin will be willing to spill the beans on the alleged “German war guilt” and the “holocaust”, in return for the recognition of Russia as a major European power, on par with France and Germany.

    In 2009 Putin already made a significant concession:

    https://www.telegraph.co.uk/news/worldnews/europe/russia/5445161/Russia-accuses-Poland-of-starting-Second-World-War.html

    Here Russia already lifts the war guilt from Germany and puts it on the shoulders of Poland, which is not entirely untrue, but only superficially so.

    But… I think Putin has the greatness of character to eventually go all the way and reveal the final truth, namely that WW2 was a kosher conspiracy of the US and USSR, originating from 1933, where Churchill was bought to do the biding of Chamberlain’s “World Jews” to get the war in Europe started… so that eventually the US and USSR could step in and finish the job and colonize the joint.

    Meanwhile the Soviet empire is over and the US empire almost. Paris-Berlin-Moscow of 640 million will reconfirm Europe as the home of the white race and first address on this planet and the defeat of Anglo-Zionism. The Chinese already know this is going to happen…

    https://documents1940.files.wordpress.com/2017/09/iron-silk-road.jpg?w=1100&h=710

    …and welcome the development as they know that unlike ZOG-USA, Europe has no ambition to set up a world empire but will be content with the reality of a multi-polar world, of which millennia old civilizations Europe and China will be the premier guardians.

    Many Europeans in North-America will recognize the new reality, namely that in European-American relations, Europe will be the new (old) senior, many even welcome it and gladly accept the invitation to join as a “devoluted” European-American nation. When that will be a fact, Britain and its subsidiaries CAN/AUS/NZ will have no choice but to accept new realities and Britain will finally become European rather than “Anglo-Zionist”.

    ROFL

  50. Cloggie on Mon, 23rd Apr 2018 3:49 am 

    German TV breaks western consensus on alleged Syrian chemical attack:

    https://twitter.com/ramzpaul/status/988286506400997376

    White Helmets = US-AID = false flag

    Very good German analysis about the “obscure white helmets”:

    https://www.heise.de/tp/features/Die-obskuren-White-Helmets-3380394.html?seite=all

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