13 Apr 2024
Wednesday 29 February 2012 - 20:00
Story Code : 1318

Iran to exchange oil national currencies

Iran to exchange oil national currencies
Irans Central Bank chief Mahmoud Bahmani says the country is going to pay for oil supplies in gold as well as the national currencies of importer countries instead of American dollar in its foreign transactions.

"In its trade transactions with other countries, Iran does not restrict itself to the U.S. dollar, and the country can pay using its own currency," Mahmoud Bahmani was quoted as saying. "If a country should so choose, it can pay in gold and we would accept that without any reservation."

Michael Cuggino, who helps manage about $15 billion of assets atPermanent Portfolio (PRPFX)Funds inSan Francisco, said to Bloomberg: This is a confirmation of golds status as a store of value, a universal currency. It transcends national borders. Gold has rallied for 11 years as investors sought a hedge against inflation and as thedollarfell

According to Press TV, Tehrans move is aimed at bypassing the upcoming freeze on CBIs assets and the oil sanctions, which the European Union's foreign ministers agreed to impose on the Islamic Republic.

US alerted that embargo would be applied against international banks that use US dollars in trade with Iran. Toconclude, countries that buy Iranian oil have confronted with the problem of payment. Now, the Islamic country is working to accommodate its clients through the offer toaffirmtheir national currencies.
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