Iranian President Mahmoud Ahmadinejad said that Iran’s hard currency reserves exceeds the recent World Bank’s report of US$100B, the local satellite Press TV reported Sunday.

Addressing the opening ceremony of a conference dubbed The Banking System on the Path to Nationwide Development in Tehran on Saturday, Ahmadinejad said that “the national hard currency reserves have been estimated to be US$100B, but the figure certainly is higher,” according to the report.

The Governor of Central Bank of Iran (CBI) Mahmoud Bahmani said Saturday that Iran imported hundreds of tonnes of Gold when its price was at an average of US$656 oz, according to Press TV. “Today the Global price of Gold stands at US$1,357.6 oz. Given the current situation, Billions of US Dollars have been added to the country’s foreign exchange reserves,” Bahmani was quoted as saying.

Bahmani earlier said that the World Bank estimated Iran’s foreign exchange reserves at US$100B, and provided that the World Bank statistics are true, any country with this amount of reserves would never hit a dead end, according to local ISNA news agency.

Referring to the West’s failure in adopting sanctions against Iran, he said that “It may be possible to exert pressure on a small country with 4 to 5B USD’s of reserves, but the situation with regard to Iran is different.” —Paul A. Ebeling, Jnr. www.livetradingnews.com

Posted by Shayne Heffernan on Oct 31st, 2010and filed underAnalysis, Latest News.You can follow any responses to this entry through theRSS 2.0You can leave a response by filling following comment form or trackback to this entry from your site