Iran Central Bank and Oman Ditch the U.S. Dollar

The strategic policy of the Central Bank of Iran (CBI) is to set aside US dollar in trade and FOREX exchanges with other countries, the CBI chief said. Mohammad Reza Farzin made the comment in his meeting with Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammad Al Yousef in Tehran on Monday. During the meeting, Farzin pointed to the full readiness of the Central Bank of Iran to remove the US dollar from trade and economic transactions between Iran and the Sultanate of Oman.

As U.S. Bank Deposits Resume Outflows, How Quickly Will The U.S. Dollar Collapse?

While it has been a relatively quiet week in the financial sector, it may not be long before the economy takes over headline news again. ZeroHedge News reported today that U.S. banks are experiencing more runs on deposits. Pam Martens of Wall Street on Parade addressed the current "credit crunch" that was revealed this week with the release of the Federal Reserve's "Beige Book" report. Almost everyone now in the corporate news media financial sector is admitting that the U.S. Dollar's decline is a foregone conclusion in the future. The only question left is, how quickly will it collapse? Alasdair Macleod of Goldmoney has written the best analysis of the current U.S. Dollar situation that I have read so far, and it was republished on ZeroHedge News as well. This is a bit of a long read, but it is well worth it to understand what is probably in store for the U.S. Dollar in the future, as he tackles the question: "How quickly will the dollar collapse?" If you want a spoiler statement from this article, it would be this: "Assuming that foreign holders reduce their dollar exposure and at the margin buy renminbi (Chinese currency), the fall in the dollar relative to the renminbi could be unexpectedly sudden and substantial."