Iran gets rid of dollars and purchases precious metals

Iran has started purchasing gold on the international markets as a result of the rising political pressure from the West, forcing it to get rid of dollar reserves, The Financial Times reports.

Such actions were registered by a spokesman for the Bank of England, Andrew Bailey.

Iran holds 20th place in the world in terms of gold reserves, with approximately 300 tons of gold.

Prices for gold increased dramatically as a result of the disorders in the Arab states. The Comex Exchange registered a record price of $1437 in early March.