Iran's Gold Reserves Hit Record High

Source: Press TV (10/21/10)

"Breakthrough comes despite efforts pressure Iran over nuclear program."

Iran's Central Bank Governor Mahmoud Bahmani says despite the recent global economic crisis, the country's gold reserves have hit a record high.

"Iran's gold reserves have hit unprecedented levels and the country has supplied its domestic gold market for the next ten years," Mahmud Bahmani said on Wednesday.

"Regardless of the recession gripping most of the world in 2008 and 2009, Iran's exports rose 10%, reaching 18.3 billion dollars," Fars news agency quoted Bahmaini as saying.

The economic breakthrough comes despite the West's efforts to put more pressure on Iran over its nuclear program.

On June 9, the UN imposed a U.S.-engineered sanctions resolution against Iran over its nuclear program. Iran's energy and financial sectors were among sectors targeted by the sanctions.

While Iranian officials have repeatedly said Tehran only seeks the peaceful applications of nuclear technology, Israel and its Western allies accuse the Islamic Republic of following a military nuclear program.

Iran rejects the claims, arguing that it has the right to a peaceful nuclear program, as a member of the International Atomic Energy Agency and a signatory to the Nuclear Non-Proliferation Treaty.

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