Iran converts some foreign reserves to gold amid falling oil prices
Published: Saturday, November 15, 2008 | 11:37 AM ET
Canadian Press: THE ASSOCIATED PRESS

TEHRAN, Iran - Iranian newspapers are quoting a top adviser to President Mahmoud Ahmadinejad as saying the country has converted some of its foreign currency reserves into gold.

The papers published Saturday did not say how much of Iran's estimated $120 billion US in reserves were converted into gold. Iranian officials could not immediately be reached for comment.

The daily Jahan-e-Eghtesad, or Economy World, quoted presidential adviser Mojtaba Samareh as saying Ahmadinejad ordered the change.

The decision comes after a dramatic fall in oil prices recently triggered by a global financial crisis.

About 80 per cent of Iran's foreign currency revenue comes from oil exports.