TEHRAN (Commodity Online) : In an attempt to overcome declining values in its forex reserves due to drop in euros value against the dollar, Iran is planning to convert 45 billion euros of its reserves into dollars and gold ingots.

According to reports, Iran's central bank took this decision against a backdrop of a new phase of economic recession in Greece and Spain which has caused a drop in the value of euro against the dollar in global markets.

Without elaborating, it said the monetary plan was to be carried out in three phases, adding that the first stage of the programme had already begun.

The Iranian bank had earlier replaced a substantial part of its dollar reserves into euros following the financial crisis in the United States two years ago, reports said.