BREAKING NEWS

Iran says shift from US dollar to euro brought 'big profits

Iran says shift from US

OCTOBER 6, 2009 16:01

Iran's central bank governor says the country gained "big profits" by shifting its foreign currency reserve basket from the US dollar to the euro. Mahmoud Bahmani was quoted Tuesday by Iran's state television as saying that the dollar now represents the smallest share of Iran's basket of currencies. The country had announced last month it would shift to the euro, citing the weakness in the dollar on the global market. Bahmani said Iran "gained big profits by replacing dollars with euros." The shift was seen, in large part, as a response to US efforts to isolate Teheran over its controversial nuclear program.

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