Tehran, Jan 1, IRNA-Managing Director of Islamic Republic of Iran Shipping Line (IRISL) Mohammad Hussein Dajmar said in Tehran on Monday that IRISL has officially replaced dollars with euro in foreign transactions.

All proforma invoices for shipment of commodities are now issued in euro, he said, adding that IRISL is also ready to use other hard currencies in its proforma invoices other than US dollars.

Since this measure has some risks, the government should give guarantees to businessmen to support them against any fluctuations in the rate of euro against dollars on the market, he said.

"We should adopt a policy to reduce risks in foreign transactions while replacing dollars with euro," he said.

The Iranian government has recently ordered the Central Bank to transform the state's dollar denominated assets held abroad into euro and use the European currency in foreign transactions.

... Payvand News - 1/1/07 ... --