Iranian newspapers are quoting Mojtaba Hashemi Samareh, a top advisor to President Mahmoud Ahmadinejad, as saying the country has converted its financial reserves into gold.
The papers did not specify how much of Iran's estimated $120 billion in reserves would actually be converted into gold.
The daily Jahan-e-Eghtesad, or Economy World, quoted Samareh on Saturday as saying the decision to buy gold was carried out on Ahmadinejad's order.
The decision comes after a dramatic fall in oil prices. About 80 percent of Iran's foreign revenue comes from oil exports.
Saturday, November 15, 2008
Iran converts reserves to gold
From International Herald Tribune: