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Iran scraps Dollar, takes on Euro |
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Monday, 18 December 2006 |
Iran Focus
 Tehran, Iran, Dec. 18 – Iran's central bank will begin to use the euro for foreign transactions, replacing the long-established dollar system, government spokesman Gholam-Hossein Elham told reporters during his weekly press conference on Monday.
Elham also announced that starting next year Iran's annual budgets would use the euro as the denominator.
"The euro will be used as the base currency in next year's budget", Elham told reporters.
"The cabinet has ordered the central bank to implement the bill adopted by the Supreme Economy Council, converting the base currency from the dollar to the euro", he said.
"This action … is meant to help decrease investment problems in the system of operation" he said.
He added that oil revenues would be affected by the change.
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