Jump to content
House Price Crash Forum
Sign in to follow this  
AvidFan

Iran Sends Mixed Messages To Washington

Recommended Posts

http://www.cnbc.com/id/37464422

Iran to Change 45 Billion Euros for Dollars, Gold: Report

Published: Wednesday, 2 Jun 2010 | 8:00 AM ET By: Reuters

Iran's central bank will sell 45 billion euros from its reserves to buy dollars and gold ingots, a report on the website of state-owned Press TV said on Wednesday.

There was no announcement of the sale on the bank's website and officials at the bank declined comment.

Following the report, the euro eased slightly versus the dollar from around $1.2227 to $1.2213.

Traders said the news was having limited impact on the euro, and some in the market were sceptical about whether Tehran would be able to buy significant amounts of dollars, given that U.S. depository institutions are banned from processing transfers involving the country.

Last month Iran's central bank governor hinted at a move away from the euro, reversing several years of Tehran publicly shunning the U.S. currency in keeping with its political hostility towards Washington.

"Considering that the value of the euro is plummeting and that of the dollar is increasing, we will be examining the issue of changing the composition of Iran's hard currency basket," Mahmoud Bahmani was quoted as saying in the May 18 edition of Hezbollah daily.

Iran does not usually disclose the value of its reserves, though state television reported last December they exceeded $80 billion.

The report on the sale broke after official sources told Reuters some of the world's richest central banks would continue investing in Europe's ailing single currency, supporting its reserve status despite the sovereign debt crisis plaguing the region.

The liquidity of both the euro and the dollar and the difficulty of switching large portfolios to other currencies mean there are no alternatives to them in the near term, the sources in Brazil, India, Japan and South Korea said in separate interviews.

Last November, Bahmani said Iran's then policy of moving away from the dollar, both in its reserves and in the currency it received for its oil exports, had been beneficial.

At a 2007 OPEC summit, Iran -- the world's fifth-largest oil exporter -- suggested oil should be priced in a basket of currencies rather than dollars, but it failed to win over other member states except Venezuela.

Ahmadinejad told reporters at that time the dollar was a "worthless piece of paper."

We definitely don't want you to invade us for our oil...

Oh go on then :P

Share this post


Link to post
Share on other sites

wars are fought on the battlefield.

then they was fought from a cruiser, 500 miles out to sea.

now they are fought in the stock exchanges.

oh, you've gotta see the funny side of the power a piece of paper holds. :blink:

Share this post


Link to post
Share on other sites

Has Gordon Brown become governer of Iran's central bank? Surely only he would announce this before the event?

But anyway, what does this say about the Euro? They think it's all over.....

Share this post


Link to post
Share on other sites

wars are fought on the battlefield.

then they was fought from a cruiser, 500 miles out to sea.

now they are fought in the stock exchanges.

oh, you've gotta see the funny side of the power a piece of paper holds. :blink:

pixels dude... bits and zeros ones and noughts....

Share this post


Link to post
Share on other sites

http://www.cnbc.com/id/37464422

Iran to Change 45 Billion Euros for Dollars, Gold: Report

Published: Wednesday, 2 Jun 2010 | 8:00 AM ET By: Reuters

We definitely don't want you to invade us for our oil...

Oh go on then :P

no,they've just realised that uncle sam isn't so bad,compared to the proper ass-kicking they would/will get from a fourth reich.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.