Iran said to be selling euros to buy dollars and gold

Section:

By Michael Wei and Simon Rabinovitch
Reuters
Wednesday, June 2, 2010

http://www.reuters.com/article/idUSLDE65111120100602?type=marketsNews

The Iranian central bank has announced that it will sell 45 billion euros from its foreign exchange reserves to buy dollars and gold, China's official Xinhua news agency reported on Wednesday, citing unspecified Iranian media reports.

Xinhua said that the sales would be conducted in three stages and that the first had already begun, citing unnamed sources.

It also said that other Gulf states had also started cutting their euro holdings.



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