European capitals are increasingly frustrated with the global dominance of the dollar as a reserve currency, which hands the United States unparalleled diplomatic and economic power in a globalized world.
Source: Press TV
The European Union is going to ditch the US dollar and use its own currency in oil contracts worth 300 billion euros, an Iranian official said, quoting a European commissioner.
“Based on the news I recently received and was confirmed by a European commissioner, from now on, the EU is going to ditch the US dollar and just use the euro in the financial transactions of all European oil deals with other countries,” said Iran’s nuclear chief, Ali Akbar Salehi, on Thursday.
Speaking to reporters, the head of the Atomic Energy Organization of Iran (AEOI) said the amount of these transactions is more than €300 billion.
“Previously, the EU used to pay 85 percent of the money for the oil it purchased from other countries in US dollars, but now with this new mechanism, all the money will be paid in euros,” he said.
Once the mechanism…
View original post 653 more words
The Most Revolutionary Act 
Times are, indeed, a-changing, Dr. Bramhall. When I was working with an import company in Brazil, the owner of the company was shocked to discover their financial losses in having to remit representative fees in US dollars. At the time, the company worked with a representative in Portugal that handled and shipped all goods purchased in Europe. The percentage the representative received was claimed in Escudos, but had to be remitted to Portugal in US dollars. Trade in the currency of the trading partner would make a great difference.
LikeLike
Very interesting, Rosaliene. I was totally unaware of these hidden requirements. Obviously the change is long overdue.
LikeLike