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Iran’s Foreign Reserves Exceed $100 Billion, Ahmadinejad Says

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Oct. 30 (Bloomberg) -- Iranian President Mahmoud Ahmadinejad said his country’s foreign exchange reserves exceed $100 billion.

“They say that the foreign exchange reserves of the country are estimated to be $100 billion, but it’s certainly higher than this figure,” Ahmadinejad was quoted as saying today in a report published on his website.

Iran Central Bank Governor Mahmoud Bahmani said last week that the World Bank estimated Iran’s foreign holdings at $100 billion. Iranian officials usually don’t give a precise figure for the country’s reserves.

Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, is under four rounds of United Nations sanctions over its nuclear program.

Iran’s reserves have exceeded $100 billion, Hossein Ghazavi, Iran’s central bank deputy chief, said in an interview last year, also declining then to give a specific figure.

To contact the reporter on this story: Ladane Nasseri in Tehran at lnasseri@bloomberg.net.

To contact the editor responsible for this story: Maher Chmaytelli at mchmaytelli@bloomberg.net

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