December 12, 2006

Dec. 12, 2006: Dollar

More than once over the last few months, I have read about other countries switching from the dollar, perhaps to Euros. Note this is from May, but I read it somewhere just lately also, so check further.

Venezuela 'may swap oil currency'
Venezuela to abandon US dollar and trade oil in Euros instead
, BBC News, 17 May 2006.

Venezuela has hinted it could price its oil exports in euros rather than US dollars, further weakening its links to the US.

President Hugo Chavez said he was considering taking the step following a similar declaration by Iran.

[....] Central banks, especially in Asia, who hold large amounts of the US dollar, could find the value of their foreign currency reserves substantially reduced. [....]


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