http://www.iht.com/articles/ap/2007/03/28/business/AS-FIN-Malaysia-Iran-Oil-Dollars.phpIran planning to stop using U.S. dollar to price oil, central bank governor says
The Associated Press
Published: March 28, 2007
KUALA LUMPUR, Malaysia: Iran is planning to stop using the U.S. dollar to price oil, with less than half of its oil income now paid in the U.S. currency, Iran's central bank governor said.
"That's the plan for the future, we are working on that," Governor Ebrahim Sheibany said in an interview with Zawya Dow Jones News Service late Tuesday when asked if Iran was planning to stop pricing oil in dollars. He was speaking on the sidelines of an Islamic finance forum in Kuala Lumpur, Malaysia's largest city.
In global markets, oil is priced in U.S. dollars per barrel.
"More than 50 percent of Iran's oil income is paid in other currencies. We are reducing the dollar share and asking clients to pay in other currencies," Sheibany said.
Sheibany said that almost all of Iran's European clients and some of its Asian customers have accepted making payments in non-dollar currencies.
"Even if we get dollars, we directly convert it to other currencies. Japanese don't mind paying us in yen, for example," he said.
Sheibany noted that Iran has earned more than US$45 billion (€34 billion) from oil sales during the current fiscal year, which ended March 20.
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