Minister: Iran Facing No Problem in Currency Reserves, Revenues

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jouhina news, Iran is facing no problem in its foreign currency reserves and revenues, Minister of Industry, Mine and Trade Mehdi Qazanfari said Wednesday. "The country has no problem so far as foreign currency reserves and revenues are concerned and its currency reserves are even way beyond its needs," Qazanfari told reporters on Wednesday. The minister further said that the Central Bank of Iran (CBI) is adopting modern mechanism and alternative options to defuse the West's financial sanctions against Iran. The price of gold in Iran significantly dropped on Saturday and Sunday. The decline happened because Iran's rial gained against the US dollar in open currency markets. Iran's foreign currency and gold reserves amounted to $110bln in 2011 and registered a $30bln increase compared with the figures in 2010. The volume of Iran's gold and foreign currency reserves has reached $109.7bln in 2011 up from $78.9bln in 2010. According to statistical figures released by the Central Intelligence Agency, Iran rank 22nd in terms of the gold and foreign currency reserves. (FNA)