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Iran's central bank will sell 45 billion euros from its reserves to buy dollars and gold ingots, a report on the website of state-owned Press TV said on Wednesday.
There was no announcement of the sale on the bank's website and officials at the bank declined comment.
Following the report, the euro eased slightly versus the dollar from around $1.2227 to $1.2213.
Traders said the news was having limited impact on the euro, and some in the market were sceptical about whether Tehran would be able to buy significant amounts of dollars, given that U.S. depository institutions are banned from processing transfers involving the country.
I know the amount is not huge, but it is funny the Iranians who tried to kill the dollar with their oil bourse and Euro trading suddenly flip-flop back to good old USD when Euro tanks. Maybe the era of USD as world reserve currency is not over yet. I'll tell you it has looked pretty scary the past 10 years or so, but appearently there is still faith in USD.
I know the amount is not huge, but it is funny the Iranians who tried to kill the dollar with their oil bourse and Euro trading suddenly flip-flop back to good old USD when Euro tanks. Maybe the era of USD as world reserve currency is not over yet. I'll tell you it has looked pretty scary the past 10 years or so, but appearently there is still faith in USD.
Of course, it is on Fox that I heard this story twice today but both times they said that the Euro is about to tank completely and this sounds like a gentle nudge toward that very thing.
It does appear that they want to do something but I wonder if it is anything good toward the USD. It does appear that they see what is coming and it isn't what you and I have agreed about for some time.
I know the amount is not huge, but it is funny the Iranians who tried to kill the dollar with their oil bourse and Euro trading suddenly flip-flop back to good old USD when Euro tanks. Maybe the era of USD as world reserve currency is not over yet. I'll tell you it has looked pretty scary the past 10 years or so, but appearently there is still faith in USD.
Talk about being between a rock and a hard place and having to swallow your pride and return to the Great Satan's currency.What a choice should I stay with this currency with countries that are in debt up to their eyeballs or take this currency from a country that is in debt up to their eyeballs.No where to run no where to hide.The best scenerio for them is to get more gold then USD.
I wonder why they did not do what China did,they took 30 billion USD and traded with the IMF for SDR's.That might be there next move.
Of course, it is on Fox that I heard this story twice today but both times they said that the Euro is about to tank completely and this sounds like a gentle nudge toward that very thing.
It does appear that they want to do something but I wonder if it is anything good toward the USD. It does appear that they see what is coming and it isn't what you and I have agreed about for some time.
FOX has been saying that about the dollar too so..... but then again, so have I on occation.
Anyway, it is a business move from Iran, not an attempt to boster the USD. It makes sense to dump a currency (Euro) which is tanking. What is telling though, is that world central banks did not do the same to USD when it was hurting in the past 10 years. That says a lot. Some central banks like China did so in small scale but only to balance their portfolio. Obviously the world is not ready to say good bye to USD yet.
Talk about being between a rock and a hard place and having to swallow your pride and return to the Great Satan's currency.What a choice should I stay with this currency with countries that are in debt up to their eyeballs or take this currency from a country that is in debt up to their eyeballs.No where to run no where to hide.The best scenerio for them is to get more gold then USD.
I wonder why they did not do what China did,they took 30 billion USD and traded with the IMF for SDR's.That might be there next move.
I am sure it was not easy for Iran to support the currency of the great satan, but business is business. Maybe even Iranian bankers know no religion Gold is to expensive that I would be vary of going there if I were a central bank. If this becomes a trend, I'd say it is a very good sign for US, because it means central banks aroud the world have faith in US comeback.
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Gold is to expensive that I would be vary of going there if I were a central bank. If this becomes a trend, I'd say it is a very good sign for US, because it means central banks aroud the world have faith in US comeback.
