Quietly but with malice, OPEC cartel nations have been dumping the U.S. dollar over the past three years, according to the Bank for International Settlements (BIS).

The dollar has been falling dramatically in recent years — reaching new lows against the Euro and other currencies.

One key culprit may be OPEC states who have traditionally denominated their transactions in U.S. dollars - but are now moving to the Euro in what the BIS says is a “subtle but noticeable” shift.

OPEC’s actions may have been precipated by Sept. 11 and the Bush administation’s “war on terrror” - a war hotly opposed by almost all OPEC nations.

BIS data reveals that OPEC states have reduced their dollar deposits from 75 per cent in the third quarter of 2001 to 61.5 per cent today - a fall of of some 13 percentage points.

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