Iran ranks 12th in Asia and 42nd in the world in terms of gold reserves.
TEHRAN: Sanctions hit Iran said it's gold reserves increased sharply after last year's discovery of new gold mines.
According to Iran's Geology Organization for Exploration Affairs the volume of Iran's gold reserves is estimated to be over 340 tons by now.
It said there are currently 15 gold mines in Iran and by beginning extraction of two other mines this year the volume of the country's gold reserves will even increase further.
Iran, last year announced the discovery of three new gold mines in Saqqez city in Kurdistan province in the west of the country.
Country's central bank said that the country's gold reserves have reached an unexpected high level which is sufficient for Iran's domestic needs for the next 15 years.
The central bank went on the said then that it's gold reserves were enough to help us at least for 15 years even if it didn't import foreign gold. Iran ranks 12th in Asia and 42nd in the world in terms of gold reserves.
The central bank also claimed that Iran does not use its gold reserves as a bartering tool in exchange for foreign goods, despite sanctions that bar Tehran from using US dollars and Euros in financial transactions.
Tehran is now under four rounds of UN Security Council sanctions and the unilateral western embargos for turning down West's calls to give up its right of uranium enrichment.
courtesy of http://www.bullionstreet.com
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