Tehran replacing dollars for Euros.

According to the Arabian Business web site, Iran’s President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in calculating the value of the country’s Oil Stabilisation Fund (OSF).

The edict, issued on Sept 12, follows a recommendation by the trustees of the country’s foreign reserves, Iran’s English-language daily The Tehran Times said on Monday, citing Iran’s semi-official Mehr News Agency.

The move was taken because the government wishes to protect itself from the fragility of the US economy and the weak dollar.

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