Iran central bank denies 45 billion euro conversion

June 6, 2010

, TEHRAN, Jun 6 – Iran\’s central bank chief has denied reports the bank was converting 45 billion euros of its foreign exchange reserves into dollars and gold ingots, the economic daily Pool said on Sunday.

"These reports are incorrect. I categorically deny reports appearing in foreign media," the newspaper quoted Central Bank Governor Mahmoud Bahmani as saying.

Iran\’s English language Press TV channel\’s website reported on Wednesday that the bank was converting 45 billion euros of its reserves into dollars and gold ingots.

The report, also widely carried by Iranian newspapers, said the bank\’s new monetary policy came against a backdrop of a new phase of economic recession in Greece and Spain which had caused a drop in the value of euro against the dollar in global markets.

The Iranian bank had earlier replaced a substantial part of its dollar reserves into euros following the financial crisis in the United States two years ago, the website said.


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