The Iranian government will no longer use the US dollar in official statements or for financial reporting. The governor of the Central Bank of Iran, Valiollah Seif, made the announcement on Friday, adding that the country would switch to another common foreign currency or a basket with a ‘high degree of stability” for all financial and foreign exchange reports. Source The Independent
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Saudi security forces foiled an attack on the Grand Mosque in the Muslim holy city of Mecca on Friday, state television Al-Ekhbariya and Al Arabiya TV reported. Source Reuters
Turkey rejected a call from four Arab states on Friday to shut down its military base in Qatar, saying the base was a guarantor of security in the Gulf and demands for its closure represented interference in its ties with Doha. Source Reuters
The European Central Bank pulled the plug on two troubled Italian banks, sending them into insolvency proceedings and pushing ahead with efforts to clean up weak banks holding back the economy. The two banks, Veneto Banca and Banca Popolare di Vicenza, have struggled to overcome high levels of loans that were not being paid back.Source ABC