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Iran's Central Bank Selling Euros For Dollars, Gold

Source: RFE/RL

Iran's state-owned television station Press TV reported today that the central bank in Tehran is selling 45 billion Euros from its reserves in order to invest the money in U.S. dollars and gold ingots.

There was no announcement of the sale on the central bank's website, and officials at the bank declined comment.

But last month, Iran's central bank governor Moahmud Bahmani hinted at a move away from the euro as its value plummeted against the U.S. dollar.

Until recently, Iran's stated policy has been to move away from the U.S. dollar as a hard currency reserve and in payments for its oil exports.

compiled from agency reports

Copyright (c) 2010 RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.

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