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Discuss this article (0 Comments)Iran slashes US dollar reserves
by ArabianBusiness.com staff writer on Sunday, 01 April 2007
Iran has cut the share of dollars in its foreign reserves to a minimum, about 20%, as it seeks to hold less of the US currency in response to hostility from the United States, the country's central bank chief has said.
On a visit to Malaysia, Ebrahim Sheibany, also said that Iran's economy can withstand UN sanctions and the country has enough foreign reserves to handle any major stocks.
"In dollars now, it is at a minimum level, maybe around 20% because we need to keep that," Sheibany said on the sidelines of an Islamic finance conference.
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