Jardine Mckenzie recently reported that Iran had asked Japanese refiners to switch to the yen to pay for all crude oil purchases.
United States of America (Press Release) January 31, 2008 --
Following the announcement by Iran's central bank stating that it is reducing its holdings of the U.S. dollar, Jardine Mckenzie are said to have reported
According to Jardine Mckenzie’ reports, Iran wants yen-based transactions for all forthcoming Iranian crude oil liftings, according to a letter sent to Japanese refiners that was signed by the general manager of crude oil marketing and exports in Tehran at the National Iranian Oil Co. The request is for all shipments effective immediately, according to the letter, dated July 10 and obtained by Jardine Mckenzie.
The yen rose on speculation for an increase in demand for the currency, the result of Japan's annual 1.24 trillion yen ($10.1 billion) of oil imports from Iran. Central bankers in Venezuela, Indonesia and the United Arab Emirates have said they will invest less of their reserves in dollar assets because of the weakening currency.
According to Jardine Mckenzie’ reports, Iran wants yen-based transactions for all forthcoming Iranian crude oil liftings, according to a letter sent to Japanese refiners that was signed by the general manager of crude oil marketing and exports in Tehran at the National Iranian Oil Co. The request is for all shipments effective immediately, according to the letter, dated July 10 and obtained by Jardine Mckenzie.
The yen rose on speculation for an increase in demand for the currency, the result of Japan's annual 1.24 trillion yen ($10.1 billion) of oil imports from Iran. Central bankers in Venezuela, Indonesia and the United Arab Emirates have said they will invest less of their reserves in dollar assets because of the weakening currency.
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