Iranian President Mahmoud Ahmadinejad on Tuesday urged world oil exporting countries to find ways to switch their oil revenues from the U.S. dollar to alternative currencies, the official IRNA news agency reported.
Ahmadinejad made the remarks in his speech at the 29th Meeting of the Council of Ministers of OPEC Fund for International Development which is underway in Isfahan, central Iran.
This was one of suggestions made by the Iranian president to overcome the existing challenges facing the developing countries, IRNA reported.
"Today, the experts in international economy and the analysts of the oil market all agree that the economic crisis in the U.S. together with the fall in the value of dollar have especially affected the development of the poor and developing countries," Ahmadinejad was quoted as saying.
The Iranian president added that the current situation had adverse effect on the oil exporting countries economy.
"The lower dollar has given rise to severe fluctuations in capital markets and fueled an inordinate level of speculative activity," Ahmadinejad said. "Huge sums of money have been diverted into oil exchange resulting in a bubble in the oil market."
"Here, in addition to the poor and developing countries, economy of the oil-exporting nations has been adversely affected by these circumstances," he said.
High-ranking officials from 12 OPEC member countries were participating in the conference in Isfahan, which aimed to remove problems facing the energy sector and survey economic issues of the OPEC members.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article