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Iran shifts to euro from dlr in calculating fund value
TEHRAN, Sept 21 (Reuters) - Iran has replaced the U.S. dollar with the euro in calculating the value of its Oil Stabilisation Fund (OSF), Iranian media reported on Monday.
The decision was made earlier this month by President Mahmoud Ahmadinejad, based on a recommendation by the board of directors of the fund, the Poul business daily reported, without citing any official sources.
State radio said the move was taken because the government wished to protect itself from the fragility of the U.S. economy and the weak dollar. The Central Bank of Iran, contacted by telephone, declined to comment.
The OSF, which forms part of Iran's foreign exchange reserves, is a contingency fund set aside by the government to cushion the economy against fluctuating international oil prices and help both the public and private sectors with their hard currency needs by extending loans.
The sizes of the OSF and the overall foreign exchange reserves are not regularly revealed to the public. Ahmadinejad said last December that the OSF was worth the equivalent of over $23 billion, and state television reported at the time that the reserves exceeded $80 billion.
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http://www.reuters.com/article/asian...13810020090921
TEHRAN, Sept 21 (Reuters) - Iran has replaced the U.S. dollar with the euro in calculating the value of its Oil Stabilisation Fund (OSF), Iranian media reported on Monday.
The decision was made earlier this month by President Mahmoud Ahmadinejad, based on a recommendation by the board of directors of the fund, the Poul business daily reported, without citing any official sources.
State radio said the move was taken because the government wished to protect itself from the fragility of the U.S. economy and the weak dollar. The Central Bank of Iran, contacted by telephone, declined to comment.
The OSF, which forms part of Iran's foreign exchange reserves, is a contingency fund set aside by the government to cushion the economy against fluctuating international oil prices and help both the public and private sectors with their hard currency needs by extending loans.
The sizes of the OSF and the overall foreign exchange reserves are not regularly revealed to the public. Ahmadinejad said last December that the OSF was worth the equivalent of over $23 billion, and state television reported at the time that the reserves exceeded $80 billion.
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http://www.reuters.com/article/asian...13810020090921
Billions.. pah Bernanke prints that amount in a week.