A Daily Briefing on Iran: Islamic Regime withdraws 41 Billion Swiss Francs worth of Gold & foreign exchange from European accounts

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Wednesday, April 05, 2006

Islamic Regime withdraws 41 Billion Swiss Francs worth of Gold & foreign exchange from European accounts

Iran Press News: Translation by Banafsheh Zand-Bonazzi.

The regime-run FARS news agency quoting the Swiss newspaper, Der Bund reported that the Islamic regime has withdrawn 700 tons of it's gold reserves worth 6 billion Swiss Francs as well as 25 billion Swiss Francs in foreign exchange (equal to $30 billion) from financial institutions in the west.

Der Bund added that the Islamic regime transferred 250 tons of it's gold reserves, valued at 5 billion Swiss Francs directly to Tehran but that the foreign exchange was transferred to Asian banks located in the United Arab Emirates, specifically Abu-Dhabi and Dubai.

Approximately 2 months ago, two of Switzerland's biggest financial institutions, U.B.S. and Credit Swiss ceased all financial transactions with the Islamic regime.