Iran converts some foreign currency reserves to gold

Instead of fixing the economy and creating jobs, IRI seeks for a silver bullet to defeat the world’s financial tsunami; please read:

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TEHRAN, Iran (AP) — Iranian newspapers are quoting a top adviser to president Mahmoud Ahmadinejad as saying the country has converted some of its foreign currency reserves into gold.

The papers published Saturday did not say how much of Iran’s estimated $120 billion in reserves were converted into gold. Iranian officials could not
immediately be reached for comment.

The daily Jahan-e-Eghtesad,
or Economy World, quoted presidential adviser Mojtaba Hashemi Samareh
as saying Ahmadinejad ordered the change.

The decision comes
after a dramatic fall in oil prices recently triggered by a global
financial crisis. About 80 percent of Iran’s foreign currency revenue
comes from oil exports.

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