By JERUSALEM POST STAFF
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.
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