The central bank of Iran has decided to start the first phase of they 45 billion-euro sale to some of its reserves to dollars. They are staring with selling 15 billion euros in three stages to be completed September 22 according to what Jaam-e-Jam said on its website, which is owned by state broadcaster.
They also said that Iran will reduce its oil sales in euros which will further trimming overall euro reserves for the nation. Their euro reserves are 55% and plan to halve them to 20-25%.
This is due to the euro's recent ongoing plunge, where this year it managed to drop 15%, reaching its weakest versus the dollar in four years, due to the European sovereign debt crisis. In response, the Iranian central bank has suggested purchasing gold due to its projected future gains, specifically since gold has risen 11% this year trading around $1220.75 today.