Following the switch, the interest rate for the facilities provided from the Foreign Exchange Reserves will be reduced from12 to 5 percent. Since being introduced by the European Union, the euro has gained popularity internationally and there are now more euros in circulation than the dollar. Full Story »
Posted by Ben Ross
I like the fact that this article is concise and to the point, but it doesn't do a great job explaining why Iran decided to replace the dollar, and what this means for the United States. I am not very familiar with how Iran and the US conduct transactions or what currency they use in Iran, so I was confused about whether Iran is only using the Euro now or whether they only let countries buy things from them with the Euro. I understand that the Euro is stronger than the dollar so it makes sense that Iran would want to get paid in Euros instead of the weaker American dollar.
PressTV carries many interesting and important stories. Not mentioned in this brief report is the fact the plunging value of the dollar owes a great deal to the idiotic US military adventure in Iraq (which Iran opposed even though Iraq was an unfriendly country while under Saddam's control).
What are the ramifications? I heard rumblings about Iraq's attempt to slither out from under the the US currency pre invation.
Yes, I believe this is quality journalism. The article is very short and to the point, presenting the information relevant to the topic. This article also cited a few sources, such as Islamic Republic of Iran, and also the Mehr News Agency. The article also caught my attention, because it had to do with the Dollar and I am American, so naturally I was interested. All in all I thought this was quality journalism that relayed the information to the audience in a very direct matter.
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