Iran challenges U.S. dollar hegemony.

Iran announced last month it is implementing policies designed to end its dependence on the U.S. dollar. The central bank of Iran has been ordered to convert dollars to euros. Overseas assets denominated in dollars will be transformed to euros and foreign trade will be done in euros. That will also apply to oil deals, although the BBC reports that payments in dollars are still expected to be accepted.

The effect of these new policies has been downplayed since Iran already has most of its currency reserves in non-dollar assets. Other oil producers such as Russia, Venezuela, and Indonesia have also been shifting more and more oil income into alternate currencies. They are concerned about protecting their oil profits from the effect of a depreciating dollar. Iran's announcement had little immediate effect on the dollar.