| Kippreport.com

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Iran moves from dollar to euro

September 22, 2009 3:56 by kippreport

Iran has switched from the US dollar to the euro in its foreign exchange reserves, following instructions from the country’s President Mahmoud Ahmadinejad, according to local media reports. The decision was made earlier this month because the government reportedly wanted to shield itself from the weak US economy and the dollar.

The Iranian central bank has said it has been spreading its reserves away from the dollar, and it is expected to cut its interest rates for the foreign exchange reserve from 12 percent to 5 percent.

Tags: dollar, euro, Iran