Ahmadinejad: Forex reserves exceed 100 bln USD

16:36, October 31, 2010      

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Iranian President Mahmoud Ahmadinejad said that Iran's hard currency reserves exceeds the recent World Bank's report of 100 billion U.S. dollars, the local satellite Press TV reported on Sunday.

Addressing the opening ceremony of a conference dubbed The Banking System on the Path to Nationwide Development in Tehran on Saturday, Ahmadinejad said that "the national hard currency reserves have been estimated to be 100 billion U.S. dollars, but the figure certainly is higher," according to the report.

The Governor of Central Bank of Iran (CBI) Mahmoud Bahmani said Saturday that Iran imported hundreds of tons of gold when its price was at an average of 656 U.S. dollars per ounce, according to Press TV. "Today the global price of gold stands at 1,230 U.S. dollars ( per ounce). Given the current situation, billions of dollars have been added to the country's foreign exchange reserves," Bahmani was quoted as saying.

Bahmani earlier said that the World Bank estimated Iran's foreign exchange reserves at 100 billion dollars, and provided that the World Bank statistics are true, any country with this amount of reserves would never hit a dead end, according to local ISNA news agency.

Referring to the West's failure in adopting sanctions against Iran, he said that "It may be possible to exert pressure on a small country with four to five billion dollars of reserves, but the situation with regard to Iran is different."



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