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The Central Bank of Iran (CBI) has switched 15% of its national reserves into gold, reported the official news agency IRNA Saturday, citing the CBI governor.
"When the price of each ounce of gold worldwide was on average US$656, a few hundred tons of gold were imported," Mahmoud Bahmani was quoted as saying Saturday at a banking conference in Tehran.
"At present, the price of each ounce of gold is $1,230. Consequently, the value of the national reserves has risen by a few billion dollars," he said.
..."Iran has shifted 15% of its foreign exchange reserves into gold," Bahmani said, comparing the percentage with countries such as India and China that hold "1.7% of their reserves in gold."
Bahmani said Tehran has imported "hundreds of tons of gold" and now it is "free from importing the precious metal for at least ten years."
"If we consume 30 tons of gold a year, Iran has gold reserves for the next ten years," he added.
The central bank chief said Iran also transferred hard currency deposits kept "in certain countries" back to the Islamic Republic.
He said the reserves were brought into the country "to avoid being seized by other countries due to sanctions."
Iran has imported 22 tons of gold worth over US$855 million during the first four months of the current Iranian calendar year (started March 21) compared with US$1 million in the same period last year. The figure accounts for 4.64% of Iran's total value of imports during the period, reported Press TV quoting figures from Iran's Customs.
Last week Iranian media reported Bahmani as saying that the World Bank estimated Iran's foreign exchange reserves at US$100 billion dollars.
Iran has refrained from giving the exact figure of how much reserves it has amid tightening international sanctions.
But on Saturday President Mahmoud Ahmadinejad jumped into the debate saying that the foreign exchange reserves of Iran were higher than the World Bank's estimate.
"They say that the foreign exchange reserves of the country are estimated to be US$100 billion dollars, but in fact they are definitely more than this figure," the website of Ahmadinejad's office quoted him as saying at the Tehran conference.
"When the price of each ounce of gold worldwide was on average US$656, a few hundred tons of gold were imported," Mahmoud Bahmani was quoted as saying Saturday at a banking conference in Tehran.
"At present, the price of each ounce of gold is $1,230. Consequently, the value of the national reserves has risen by a few billion dollars," he said.
..."Iran has shifted 15% of its foreign exchange reserves into gold," Bahmani said, comparing the percentage with countries such as India and China that hold "1.7% of their reserves in gold."
Bahmani said Tehran has imported "hundreds of tons of gold" and now it is "free from importing the precious metal for at least ten years."
"If we consume 30 tons of gold a year, Iran has gold reserves for the next ten years," he added.
The central bank chief said Iran also transferred hard currency deposits kept "in certain countries" back to the Islamic Republic.
He said the reserves were brought into the country "to avoid being seized by other countries due to sanctions."
Iran has imported 22 tons of gold worth over US$855 million during the first four months of the current Iranian calendar year (started March 21) compared with US$1 million in the same period last year. The figure accounts for 4.64% of Iran's total value of imports during the period, reported Press TV quoting figures from Iran's Customs.
Last week Iranian media reported Bahmani as saying that the World Bank estimated Iran's foreign exchange reserves at US$100 billion dollars.
Iran has refrained from giving the exact figure of how much reserves it has amid tightening international sanctions.
But on Saturday President Mahmoud Ahmadinejad jumped into the debate saying that the foreign exchange reserves of Iran were higher than the World Bank's estimate.
"They say that the foreign exchange reserves of the country are estimated to be US$100 billion dollars, but in fact they are definitely more than this figure," the website of Ahmadinejad's office quoted him as saying at the Tehran conference.