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SafariNow
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Articles: Iran moving funds from Western banks
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Posted by admin on Saturday, January 21, 2006 - 09:11 AM
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PostNuke Iran has announced that it is moving its foreign currency reserves out of Western banks to shield them from possible United Nations sanctions.
Senior Iranian officials did not say where they were transferring the money. But banking sources in Frankfurt said Tehran was preparing to shift about eight-billion dollars from Western banks, including six-billion from European institutions. Some analysts say that money is likely destined for Middle Eastern and Asian banks. The United States has described the move as an act of isolation. Washington has been demanding that the International Atomic Energy Agency refer Iran to the Security Council over its nuclear programme.
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