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TEHRAN (AFP) — Iran is not planning to move assets from European banks, a banking official said on Tuesday, rejecting reports it is making major withdrawals to dodge impending EU sanctions.

"No money from Iranian banks has been transferred out of European banks to Iran or other countries. And it will not be (moved)," the managing director of Bank Mellat, Ali Divandari, was quoted as saying by the Mehr news agency.

"There is no reason for the transfer of this money," said Divandari, whose bank is one of Iran's major state banks.