Iran, Russia dump dollar for rial, ruble

Iran, Russia dump dollar for rial, ruble

www.presstv.ir

Iranian Ambassador to Moscow Seyyed Reza Sajjadi says Iran and Russia have turned to their national hard currencies instead of the American dollar in reciprocal trade exchanges.

(visit the link for the full news article)

Sajjadi said on Saturday that the proposal for the replacement of the US dollar with the Iranian rial and Russian ruble was raised during a meeting between Russia's President Dmitry Medvedev and his Iranian counterpart Mahmoud Ahmadinejad on the sidelines of the 11th meeting of the Shanghai Cooperation Organization (SCO) last June.

Permanent SCO members include China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Iran, along with India, Mongolia and Pakistan, is an observer state to the intergovernmental mutual-security organization.

The Iranian envoy said Tehran and Moscow switched to their national currencies in preference after the meeting between their presidents.

www.presstv.ir
(visit the link for the full news article)

reply to post by GLaDOS


well well well, Sure the americans are gonna be pissed.
What next I wonder??

cliffnote me..
is this a big thing?...

it sure sounds like one...switching your currency from the dollar to anything else usually ends in death n decay..

reply to post by Corrupted Data


Yeah, also India has agreed to pay Iran in Rupees. The US is probably fuming right now!

Do the same they did with libya.
Go in, destroy and murder.
Set up a central banking system
Puppet government.

That whole speel.

Apart from oil they probably all do this already - it's more a policy announcement than anything important.

lol - there's plenty of up sides for this - a lower $ makes US exports more viable, which is a great thing, and it might also lower the price of gas around the rest of the world - which is fine by me.

Remember back when Iran & Saddam's Iraq started asking to be paid in Euro's a few years ago? How well did that turn out??!!

Why would Russia - or anyone - want to buy the Rial right now?

Originally posted by FOXMULDER147
Why would Russia - or anyone - want to buy the Rial right now?

Allies,
Irans economy took a hit with the fears of war, so Iran made other arrangements to keep it going, let them continue on their road to energy independence.

smart move... the way the dollar keeps dropping in value on the currency exchanges.. about the only thing its good for is toilet paper.

Being the reserve currency for the world allows us to print as much money as we wish.

If that ends (as it did for the Brits), that would be bad.

It has been said that Saddam Hussein was in the process of no longer trading oil in US dollars, choosing the Euro in it's place, just before the invasion of Iraq.

This will not sit well with the US and I think we all know this will just be another reason to invade Iran.

Originally posted by AzureSky

Originally posted by FOXMULDER147
Why would Russia - or anyone - want to buy the Rial right now?

Allies,
Irans economy took a hit with the fears of war, so Iran made other arrangements to keep it going, let them continue on their road to energy independence.

It's risky or stupid, depending on your inclination.
I'm sure Russia are going to buy as few as they possibly can get away with without insulting their Persian friends.

Whatever works.
I'm pretty sure Russia has come out in defense of iran as well.

Looks like WW3 is coming after all.

There have been rumours the US felt threatened our currency would get side swiped for years.

It "could" devalue the dollar and inflate value to another currency.

Thats part of the wars in the middle east and Arab nations.

DON"T change currency or else.

I think it's ON. Destabilization of the dollar will effect the world. Too many entities hate the US,whether we like it or not, whether Islam or not. We're hated. Probably deservenly so.

Our UN polictics are teeing off more then a "Faction" of the 7 billion people on earth.

What do you want? Diamonds? Oil? Opium? Gold? Silver?

Call your local congressman and give him a donation. He'll tell you who to call.

Originally posted by Acetradamus
cliffnote me..
is this a big thing?...

it sure sounds like one...switching your currency from the dollar to anything else usually ends in death n decay..

Just like Lybia. We all know what's coming next

American dollar buying power is in the dumps.
Same with everywhere.

All the money is worth less, but everything costs more.

Pay never goes up.

The fiat system needs to end. And its going to, hopefully someone will change things and introduce sound money, like RP

Lets see, if we buy stuff from China and Russia in US Dollars, but they don't want to use them, then we are exchanging paper for goods.

If Russia and China saved billions in US Dollars because they wouldn't trade them with someone else, and the dollar suddently lost most of its value, then they would not be able to buy as much goods with that paper as we did.

I fail to see how any of that hurts the US. The rest of the world chose to use the USD because of the low chance of it losing it's value. If they want to shoot themselves on the foot, then let them do it.

The plot thickens ....

If someone loses money because of this, someone else is going to have to pay .

Really wish I could gtfo off this planet

Well, the story is on PressTV, that mouthpiece of Iranian feel-good propaganda.

The US dollar, British Sterling, the Yen and (ahem) Euro are reserve currencies for a reason. The Ruble and the Rial are not.

However, that does not really matter as they are only using local currencies for trade between Russia and Iran. I bet the Iranians and Russians still use the Dollar for dealing with others.

Is this really a story?

Regards