Trade Promotional Organization of Iran revealed that in not so distant future their plan is to completely remove the US dollar from the foreign revenues and reserves of the country.The Mehr news reported that Iran also recently asked the neighboring Asian country Japan to exclude and replace US dollar with yen when they deal with oil with the oil nations.

85% of Iran’s oil revenues have been in currencies other than US dollar since October 2007, and it is determined to transform the rest 15% of the oil revenue currency from US dollars to their respective country currencies.

It also suggested that United Arab Emirates’ Dirham or the Euro could also replace the US dollar for oil revenues if needed.

The declining value of dollar has bothered many countries and due to the economic crises it has worsened the situation and changed many countries views of dropping the dollar and to depend upon a more valuable and stable currency.

Countries which have started taking steps to exclude dollar from their oil revenues and foreign exchange reserves are South Korea, China, Venezuela, Sudan , Russia and Saudi Arabia