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Iran gains $9B in currency reserve shift

Iran's state TV quotes the country's central bank governor as saying Tehran has gained the equivalent of $9 billion dollars by shifting its foreign currency reserves to euros and selling gold.

world Updated: Jun 28, 2010 17:11 IST

Iran's state TV quotes the country's central bank governor as saying Tehran has gained the equivalent of $9 billion dollars by shifting its foreign currency reserves to euros and selling gold.

Mahmoud Bahmani on Monday described Iran's foreign currency reserves as very "suitable," but did not provide a figure or qualify over what period of time the currency transactions took place.

The euro has been losing ground against the dollar amid concerns that Greece's debt crisis could spill over to other euro zone countries. Gold, meanwhile, has been steadily increasing. Iran said last year it would shift its currency reserves from the dollar to the euro, as the U.S. pushed to boost sanctions against the country over its controversial nuclear program.

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