Azerbaijan, Baku, Feb. 14/ Trend M. Moezzi
Iran's gold reserves have increased threefold, Mehr reported the head of the Central Bank (CBI) of Iran as saying.
The bank began building its gold supply three years ago and with the world markets' gold prices increasing to $1,716, the value of Iran's reserves has tripled.
The CBI chief said the decision to stop the four-month pre-sales of gold coins doesn't mean Iran's gold reserves are down.
The 8 million pre-sold gold coins that will enter the market after the Iranian New Year on March 20 are less than 20 percent of the CBI's 500 tons in gold reserves.
The bank expects gold prices will go down once the pre-sold coins enter the market.
Over the past two months, worries have grown about Iran's economy after sanctions imposed by the United States and its allies.