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Iran says shift to euro netted $5B gain

Iran's central bank governor says the country gained about $5 billion by shifting its foreign currency reserve basket from the U.S. dollar to the euro.
/ Source: The Associated Press

Iran's central bank governor says the country gained about $5 billion by shifting its foreign currency reserve basket from the U.S. dollar to the euro.

Mahmoud Bahmani was quoted Monday by Iran's state television as saying that "so far, we have seen a $5 billion benefit from shifting the (currency) basket to the euros from the dollar." He did not elaborate.

Earlier this year, Iran said it was switching to the euro for its crude oil sales, which account for about 80 percent of its foreign income.

The shift was largely seen as a response to U.S. efforts to isolate Tehran over its controversial nuclear program. Many in the West maintain the program is aimed at developing nuclear weapons, a claim Iran has repeatedly denied.