Wednesday, July 12, 2006

Iranian oil bourse moved back to September

The dollar is still be replaced by the Euro:

Iran will start the initial phase of its planned Iranian oil bourse at the end of September, the news agency ISNA reported last Wednesday. An unnamed oil ministry official told ISNA that his ministry had already presented the relevant documents to the economic and finance ministry and the bourse organisation.

The building that will house the oil bourse has reportedly already been purchased in the southern Iranian island of Kish. Petrochemical and oil-related products will be made available to customers in the first phase but the volume of the shares to be traded is not yet clear, the official told ISNA. Economics and Finance Minister Davoud Danesh-Jafari said last April that the issue had already been agreed upon and that the oil ministry had given the go-ahead for the opening of the bourse. The exchange will have a positive impact on oil sales, not only in Iran but in the wider Gulf region and is slated to replace the current dollar-based oil exchange with one based on the Euro, he said.

Russia has lifted its currency controls and paid of its debt and central banks are moving away from the weak dollar. This is what happens when the US engages in reckless geopolitical and fiscal policy.


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7/23/2006 1:49 PM  

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