Iran drops dollar from oil deals: report

[FourScore]

Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an "unreliable" currency.

"At the moment, selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies," Nozari was quoted as saying by the ISNA news agency.

"The dollar is an unreliable currency, considering its devaluation and the oil exporters' losses," he added...

SNIP

...Iran has also reduced its dollar assets held in foreign banks and urged OPEC to take collective action to price oil in other currencies such as the euro, instead of the US currency which is used across the world at present.

The fall of the dollar, which has weakened considerably against the euro and other currencies in the past 12 months, has affected the revenues of OPEC members because most of them price and sell their oil exports in the US currency.

http://afp.google.com/article/ALeqM5jGC7KSKjsKYUTGAF1oR04-yOpBgg

[gateley]

1. Does anybody know if the dollar has been this devalued in recent history? nt

[niceypoo]

2. Soon to be a stampede

Hopefully it starts sooner than later. This is a direct result from GOP tax policy, which is rendering the dollar unreliable bacause of its dependence on debt. You can only live on borrowed money for so long before nobody trusts dealing with you any longer.