I’m struck by the headline that Iran is dumping EUR 45 bln of its euro reserves. How difficult a decision that must have been, to announce to the world that it is buying the scrip of the Great Satan? I had to read it twice and check the web for confirmation, it seemed so out of kilter with reality. With sanctions on Iranian banks, it will be interesting to see how this business is transacted…
Not good news for the euro.
Not long ago, Iran was pushing for oil to be priced in euros, dumping the dollar. How times have changed…
