Iran's gold reserves increases to 500 tons

Business Materials 2 July 2011 20:09 (UTC +04:00)

Azerbaijan, Baku, July 2 /Trend/

Iran's gold reserves value increased by $10 billion while the Central Bank of Iran assures that the country have sufficient gold reserves for 10 years, Mehr News Agency quoted the Governor of Central Bank of Iran Mahmoud Bahmani as saying.

"The Central Bank of Iran has managed to control gold reserves and can be responsible for market demands for next 10 years," he said.

The CBI currently possesses 400 to 500 tons of gold reserves and put behind all the problems caused by sanctions, Bahmani said.

The Central Bank of Iran bought a few hundred tons of gold valued $656 per ounce which now worth $1.500 per ounce, therefore country's gold reserves increased by $10 billion, he added.

Due to western sanctions to block Iran's money in foreign banks the CBI transferred the USD reserves to domestic banks in form of investment and currently invested in Petrochemical and oil projects.