Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Ahmadinejad orders forex reserves shift to EURO
09-22-2009, 12:02 PM
Post: #1
Ahmadinejad orders forex reserves shift to EURO
Bloomberg
Published: September 21, 2009, 22:34


Beirut: Iranian President Mahmoud Ahmadinejad has ordered Iran's foreign currency reserves, currently in US dollars, to be held in euros, Press TV reported.

The order was issued on September 12 following a decision by the trustees of the country's foreign reserves, the state-run news channel said on its website.

The Central Bank's Vice Governor for Foreign Exchange Affairs, Hamid Borhani, could not immediately be reached to comment on the report in Tehran.

The US dollar has declined against the euro in recent months amid the global financial crisis and the drop in assets from homes to equities.


Political tension between Iran, which has the second-largest oil reserves after Saudi Arabia, and western countries has increased due to suspicions Tehran is trying to develop nuclear weapons and after it quashed street protests following June's presidential election.

Iran's economy is suffering from the decline in oil prices to about $71.58 a barrel from a peak of $147 in July of last year. The world's fourth-largest oil producer needs oil prices of $85 to $90 to stop running budget deficits, the International Monetary Fund says.

Iran's inflation dropped to 14 per cent in the Iranian month of Tir ending July 22, the Central Bank said last month. Inflation slowed from 14.5 per cent in the previous months.

In the last two years Syria and Kuwait de-pegged their currencies from dollar to curb rising import costs and inflation.


http://www.gulfnews.com/business/Economy/10351063.html
Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  IMF Tranche Boosts Pakistan Forex Reserves to $8.27 Billion LRE-Azan 0 48 01-26-2024 03:31 PM
Last Post: LRE-Azan
  SBP Introduces FX Matching Platform to Enhance Interbank Forex Trading LRE-Azan 0 65 01-25-2024 03:32 PM
Last Post: LRE-Azan
  Inter-city buses: Operators asked to shift terminals to new locations Salman 0 4,261 12-31-2012 12:26 PM
Last Post: Salman
  Euro Twin Torre North Nazimabad Karachi – Apartments & Show Rooms Salman 0 5,591 10-24-2011 02:23 PM
Last Post: Salman
  SC orders to arrest DG FIA Lahore_Real_Estate 0 2,881 01-25-2011 12:23 PM
Last Post: Lahore_Real_Estate
  Badami Bagh Vagitable Mandi Shift On Other Place: DCO Lahore Lahore_Real_Estate 0 6,403 12-30-2010 02:56 PM
Last Post: Lahore_Real_Estate
  Court reserves decision on illegal construction by embassy Lahore_Real_Estate 0 3,457 11-09-2010 05:38 PM
Last Post: Lahore_Real_Estate
  Ahmadinejad, near Israel border, says "Zionists mortal" Lahore_Real_Estate 0 3,089 10-15-2010 11:55 AM
Last Post: Lahore_Real_Estate
  Iran has no plan to build nuclear bomb: Ahmadinejad Lahore_Real_Estate 0 3,746 09-21-2010 11:43 AM
Last Post: Lahore_Real_Estate
  Pakistan's reserves rise to $16.12billion Lahore_Real_Estate 0 3,347 09-03-2010 12:13 PM
Last Post: Lahore_Real_Estate
  Ahmadinejad to visit flood-hit Pakistan Lahore_Real_Estate 0 3,194 08-25-2010 12:22 PM
Last Post: Lahore_Real_Estate
  EU announces 30 million Euro aid Lahore_Real_Estate 0 3,021 08-10-2010 12:22 PM
Last Post: Lahore_Real_Estate
  Heavy Oil reserves in Pakistan! LRE 0 7,199 08-05-2010 12:11 AM
Last Post: LRE
  Reko Diq: $ 40 Billion Earning Out of $ 500 Billion Reserves! LRE 1 7,429 06-30-2010 07:53 PM
Last Post: LRE
  Heavy Mineral Reserves Discovered in Afghanistan LRE 1 5,586 06-19-2010 12:47 AM
Last Post: LRE
  Threats make Iran more determined: Ahmadinejad Lahore_Real_Estate 0 3,152 04-10-2010 10:22 AM
Last Post: Lahore_Real_Estate
  Action Against Il-Legal Forex Dealers Likely LRE 1 4,922 02-17-2010 10:26 PM
Last Post: LRE
  Exporters Being Pressuerized to Shift Warehouses Abroad LRE 0 2,885 02-07-2010 02:39 PM
Last Post: LRE
  Forex reserves rise to $15.2bn LahoreEstate 0 3,136 01-15-2010 10:08 AM
Last Post: LahoreEstate
  Loadshedding, Long Queues for Fuel, Poor Infrastructure & Plenty of Natural Reserves LRE 0 3,737 01-13-2010 03:22 PM
Last Post: LRE

Forum Jump:


User(s) browsing this thread: 1 Guest(s)