Iran No Longer Accepts U.S. Dollar In Oil Trade
Iran is no longer accepting U.S. dollars for purchases of its oil and is selling the commodity in the world market only in euro and yen. Cbsnews.com quoted Iranian Oil Ministry official Hojjatollah Ghanimifard as saying on Wednesday, "The dollar has totally been removed from Iran's oil transactions. We have agreed with all of our crude oil customers to do our transactions in non-dollar currencies." The official said that Iran is selling oil to Europe in euro and to Asia in yen. Iran decided to abandon using the dollar because the depreciation of the U.S. currency is eating away the country's foreign currency reserves.
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