Iran cuts sum of US dollars in exchange reserves

June 24, 2007 21:43


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Iran has cut in half the sum of US dollars in its foreign exchange reserves over the past several months in another attempt to weaken Washington's influence on the Islamic country's economy, state-run television reported Sunday. The report said Jafar Mojarrad, vice-governor of Central Bank of Iran, announced that in May, the country reduced the number of US dollars in its foreign exchange reserves to 20 percent compared to 40% in December. More than 80% of Iran's US$70 million (€52.1 million) foreign revenues comes from oil exports that are mostly traded in US dollars.

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