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Al Mayadeen reports unprecedented rise in Iran’s gold reserves

IRNA , 23 Apr 2024 - 13:19

Reporter : Editorial of The Iran Project

Iran’s gold reserves has seen an unprecedented growth last year, especially over the past three months, according to Al Mayadeen.

According to The Iran Project,The Lebanon-based TV channel on Monday cited reports by Iranian media outlets that Iran’s reserves of different commodities have been on the rise over the past months, responding for 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 so as 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.

Story Code: 420196

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The Iran Project