Iran’s gold reserves rise unprecedentedly: report
Tue April 23 2024
Iran’s gold reserves saw unprecedented growth last year, especially over the past three months, Al Mayadeen reported citing reliable foreign sources. The Lebanon-based TV channel on Monday said Iran’s reserves of gold and precious metals have been on the rise over the past months, responding to a large part of the country’s middle-term dependence on imports.
It, however, said that Iran's main card is the change of the basket of central bank foreign assets, noting that the sanctioned countries tend to change their assets into gold or other precious metals to be shielded against the consequences of financial sanctions.
Undoubtedly, Iran is seeking to create a safe route for financial settlement of foreign trade amid US sanctions on the country, it further concluded.
Source: https://www.tehrantimes.com/