Sunday, October 31, 2010

HOT: Iran has Switched 15% of Its FX Reserves Into Gold

Iran has switched some 15 percent of its foreign exchange reserves into gold and will not need to import the metal for the next ten years, Mehr, the state-run news agency said reported, citing Central Bank Governor Mahmoud Bahmani.

Iran’s gold reserves have “multiplied several times” in the past two years, Gov. Bahmani said in a report published late yesterday by Mehr and reported by Bloomberg.
Bahmani gave no specific figures, only saying the country consumes 30 tons of gold a year and that the central bank will have “ample supplies for the next 10 years” even if it doesn’t increase its gold holdings further.

Iranian President Mahmoud Ahmadinejad said yesterday his country’s foreign exchange reserves exceed $100 billion.

1 comment:

  1. Proof perhaps that the WGC data is pathetic. No wonder America wants to bomb Iran. They dump dollars and euros for sound money--bomb those extremists.