Iran says the value of its gold reserves stands at about $39 billion, the state-run Mehr news agency reported, citing Central Bank Governor Mahmoud Bahmani. Iran previously withdrew $13 billion of its deposits in foreign banks, switching it into gold to prevent its foreign currency reserves being frozen amid sanctions over the country’s nuclear program, Bahmani said in the report published late yesterday. The Central Bank bought the gold at a price of $656 per ounce and its price has tripled since, he said. Iran Central Bank said in October last year that it has changed some 15 percent of its foreign exchange reserves into gold and will not need to import the metal for the next ten years. To contact the reporter on this story: Ladane Nasseri in Tehran at lnasseri@bloomberg.net. To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.

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