Iran to move foreign exchange out of Europe

Iran is moving its foreign exchange reserves out of European banks as a protection against any possible UN sanctions over its nuclear programme, the Central Bank Governor said today.

Ebrahim Sheibani said Iran began withdrawing its foreign exchange reserves from European banks and transferring them to an undisclosed location, the semi-official Iranian Students News Agency reported.

Iran is facing possible referral to the UN Security Council for possible economic sanctions for its refusal to give up its uranium enrichment programme.