Russia will reduce the share of the US dollar in its National Wealth Fund and is considering investing in other foreign currencies including the Chinese yuan, Russian Deputy Finance Minister Vladimir Kolychev said on Wednesday.
Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati highlighted the stability in the country’s foreign exchange market and the recovery of the Iranian currency, rial, against the US dollar in recent months despite increased American pressure and sanctions.
Washington's use of the dollar as a political tool is backfiring as more and more countries are reducing their holdings of the greenback and switching to other currencies in trade contracts, Russian President Vladimir Putin said on Wednesday.
Iran and Russia have ditched the US dollar and are now carrying out all their transactions in national currencies, as Turkey gradually follows suit, Iran’s Central Bank Governor Abdolnaser Hemmati said Wednesday.
The Chinese yuan fell to its lowest level against the dollar since August 2010 in morning trade on Monday, fueling speculation that Beijing is allowing currency depreciation to counter threatened US tariffs.
The Iranian national currency, the rial, was 118,000 against the US dollar on Sunday which shows a relatively high regain of value compared to months of low that followed the American introduction of crippling economic sanctions against Tehran.
Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to US antitrust lawsuits, three sources familiar with Saudi energy policy said.
Iran has adequate currency supplies to cover trade, and the rial has stabilized after 'a heavy attack' from the US-led economic sanctions on the Islamic Republic, said the governor of Central Bank of Iran (CBI).
The euro clawed itself off recent lows on Monday as the dollar paused near 18-month highs and traders waited to see whether the U.S. Federal Reserve’s policy meeting this week would calm nerves about slowing global economic growth.
This week, Russian President Vladimir Putin called Washington's sanctions policy a 'colossal strategic mistake' which has only served to undermine the dollar's credibility as a global reserve currency.