BEIJING (MNI) – The Central Bank of Iran has rolled out a three
stage program to sell 45 billion euros from its foreign exchange
reserves for dollars and gold amid growing concerns about the health of
the Eurozone economies, Iranian media reported Wednesday.
The first stage has begun, Press TV said, citing the Jaam-e-Jam
newspaper.
The report said that other Gulf states are also involved in a
selloff of the single currency.
“Other countries such as the Persian Gulf littoral states are also
reported to be taking major steps for the conversion of their euro
reserves into dollar and gold ingots,” the report said, without
identifying any countries.
The move is a sharp departure from a September 12, 2009 order by
Iranian President Mahmoud Ahmadinejad that the euro replace the dollar
in valuing the country’s Oil Stabilization Fund amidst growing tensions
with Washington over Tehran’s nuclear program.
beijing@marketnews.com
** Market News International Beijing Newsroom +86-10 5864 5241**
[TOPICS: M$$FX$,M$X$$$,MGX$$$,M$$CR$]
