Iran reports $5bn savings on dollar switch

A currency exchange worker holds a handful of euro notes in London, on December 15, 2008. The European single currency hit an eight-week peak against the dollar on Monday, the eve of a widely-expected interest rate cut from the US Federal Reserve, dealers said. AFP PHOTO/Leon Neal

AFP PHOTO/LEON NEAL

Aleya Begum

 23 November 2009 15:45 GMT

Iran has gained $5 billion through its policy of shifting away from the US currency in favour of the euro, state television reported today, citing Central Bank Governor Mahmoud Bahmani.



Since late 2007, the Islamic Republic has received 85% of its oil income in currencies other than the US dollar, Reuters cited English-language Press TV as reporting on its website.

"Iran has considerably reduced the total of US dollars in its currency basket," Bahmani said.

Press TV said Iran began preparing for the US dollar's replacement by the euro and other currencies in 2005, and that Tehran "expresses determination" to find a substitute for the US unit also for the remaining 15% of its oil income.

Iran, the world's fifth-largest oil exporter,…

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