Monday, January 23, 2006

IRAN BEGINS MOVING CURRENCY RESERVES OUT OF EUROPE

In an apparant snub to Europe over possible UN security council maneuvers, Iran has begun taking their currency reserves out of Europe and shifting them to Chinese and SouthEast Asian interests. The chess game continues...
Iran is moving its foreign currency reserves out of European banks as a pre-emptive measure against any possible U.N. sanctions over its nuclear program, the Central Bank Governor said Friday.

Ebrahim Sheibani told reporters that Iran has started transferring the foreign currency reserves from European banks to an undisclosed location, the semiofficial Iranian Students News Agency reported.

"We transfer the foreign exchange reserves to wherever we deem fit," Sheibani was quoted by ISNA as saying. "We have begun transferring. We are doing that."

Sheibani would not say how much money was involved and it was not immediately clear whether Iran's investments in Europe would be affected by the move.

Iran is facing possible referral to the U.N. Security Council for its refusal to give up its uranium enrichment program. The council has the power to impose economic and political sanctions.

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