Iran breaks with the US dollar

Press TV | October 23, 2007

The Central Bank of Iran says the process of converting the country's dollar reserves to other foreign currencies has been completed.

The process of diversifying Iran's foreign exchange reserves by converting reserves held in dollars to other currencies is almost complete, Fars news agency quoted Tahmasb Mazaheri, President of the Central Bank of Iran, as having told the American publication, The Emerging Market.

He added that the procedure has been carried out in the best possible way and achieved maximum results.

Experts believe Iran has gained huge profits by adopting the measure because of the sharp fall in the value of the US dollar.

Other countries are also said to be taking similar measures for the same reasons. Arab Persian Gulf states, for one, are believed to be holding 30 percent of their foreign exchange reserves in currencies other than the dollar.

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