Iran's foreign reserves hit $45 billion

The reserves were up by 36.7 per cent in a year due to high world oil prices, Iran's central bank said.

Iran had $45.4 billion deposited in foreign banks and international institutions by the end of January 2006, the central bank said on Monday.

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The reserves were up by 36.7 per cent in a year due to high world oil prices, it said, quoted by state television.

Iran is the world's fourth largest oil producer and OPEC's second exporter with a quota of 4.11 million barrels per day.

In January Iranian officials said -- and later denied -- that the Islamic republic would move its foreign reserves out of European banks to avoid possible economic sanctions by the UN Security Council.

The world body wants Iran to suspend its controversial nuclear activities and has the power to take punitive measures if Tehran fails to comply.