For the second time in two days, Iran on Sunday said it was not withdrawing its foreign currency reserves from European banks, despite reports late last week that it already had begun the process. "We have not moved or transferred our hard currency assets. The report on the move is not correct," Iran's foreign ministry spokesman Hamid Reza Asefi told reporters in Tehran Sunday. On Friday, Iran's Students News Agency reported that Iran's Central Bank governor said Iran had begun moving its foreign currency reserves to an undisclosed location. Estimates put Iranian funds in Europe at as much as US$50 billion (euro41.4 billion).