Source: Press TV
|Iran has withdrawn a huge sum of its foreign exchange reserves from European banks and has deposited some of it into Asian banks.|
Iran's Mahmoud Ahmadinejad orders banks to
move assets to beat EU
The president of Iran has ordered the country's leading banks to transfer billions of dollars of assets from Europe to the Central Bank to prevent them being frozen by international sanctions, according to Western diplomats.
Mahmoud Ahmadinejad ordered the move amid growing concern that Iranian banks would soon be subject to strengthened European Union-level sanctions. But his action has caused friction with Tahmaseb Mazaheri, the governor of the Central Bank. The Iranian press has reported that he may resign over the issue - Telegraph, UK
Iran's economic policy falls victim to
When a nation faces an external threat there is a general tendency to close ranks and put aside internal disagreements. It seems that no one among Iran's economic policy-makers is paying much attention to this centuries-old rule.
While the US and its allies are intensifying economic and financial sanctions against Iran, Iranian officials are locked in an escalating dispute over several sensitive economic policies such as reorganisation of state-owned banks and determination of interest rates. -Nader Habibi, Gulf News, UAE
... Payvand News - 06/10/08 ... --