Iranian newspapers reported a statement from the chief advisor to President Mahmoud Ahmadinejad, who stated that the authorities have converted a portion of the state reserves in foreign currency into gold.
The newspapers did not disclose how much of the estimated 120 billion US dollars in state reserves has been converted into gold.
The daily newspaper Jahan-e-Eghtesad reports a statement from the chief advisor, who said that the decision to purchase gold was made at Ahmadinejad’s request. The decision followed a significant drop in oil prices, and it is known that about 80 percent of Iran’s foreign revenue comes from its exports. (H)
