Iran converts some financial reserves into gold

Iranian newspapers quoted Mojtaba Hashemi Samareh, a top advisor to Iranian President Mahmoud Ahmadinejad, as saying the country has converted its financial reserves into gold. The papers did not specify how much of Iran's estimated $120 billion in reserves would actually be converted into gold. The daily Jahan-e-Eghtesad, or Economy World, quoted Samareh on Saturday as saying the decision to buy gold was carried out on Ahmadinejad's order. The decision came after a dramatic fall in oil prices. About 80 percent of Iran's foreign revenue comes from oil exports.