Iran starts transferring foreign assets-()

Al Jazz all the time ^ | 20 January 2006 | na

[Flavius]

The governor of Iran's central bank has confirmed that the country has started to transfer assets held in foreign accounts.

Ebrahim Sheibani told the ISNA students' news agency on Friday: "We transfer foreign reserves to wherever we see as expedient. On this issue, we have started transferring. We are doing that."

ISNA specifically asked whether the money was being moved to Asian accounts but Sheibani's answer sidestepped the issue.

Sheibani told reporters earlier this week that Iran stood ready to repatriate the money it held abroad should this prove necessary.

Iran, which could face UN economic sanctions over its atomic programme, has bitter memories of its US assets being frozen shortly after the 1979 Islamic revolution.

Shift to Asia

ISNA's question appeared to be based on an article in the London-based Asharq al-Awsat Arabic newspaper that said Iran's Supreme National Security Council had ordered foreign holdings to be shifted to Asia.

Iran is the fourth biggest oil exporter in the world and the second largest in OPEC. Eighty percent of its export earnings come from oil, the price of which has soared over the past two years.

"If you're talking in terms of a safe haven proposal, that's where Switzerland is very strong, stronger than Singapore or other places. We are a country that is non-judgmental"

Steve Bernard, Geneva Financial Centre, Zurich Economists estimate Iran will have earned more than $40 billion in oil revenues by the end of the year to March 2006. Of this, $16 billion goes straight to budgeted government spending.

The rest goes to the Central Bank of Iran which keeps an unknown amount of holdings in foreign accounts.

The Naftiran Intertrade Company (NICO), the powerful trade and financing arm of the National Iranian Oil Company, is based in Switzerland.

Swiss reaction

Meanwhile a leading financial industry representative in Zurich on Friday said Swiss banks would welcome asset transfers by Iran.

"If you're talking in terms of a safe haven proposal, that's where Switzerland is very strong, stronger than Singapore or other places. We are a country that is non-judgmental," said Steve Bernard, director of the Geneva Financial Centre, a lobby in Switzerland's second-largest banking city after Zurich.

Switzerland is home to more offshore wealth than any other country, and is a traditional haven for investors who seek the safety of Swiss political neutrality and legal guarantees of banking privacy.

"Because of its non-discriminatory practices, Switzerland has always been an attractive place and would remain an attractive proposal for Iranian authorities looking to shift some of their assets or to diversify the geographical distribution of some of their assets," Bernard said.

[Flavius]

Wow someone is getting ready for $100+ oil/barrel embargo

[Lejes Rimul]

He's bluffing. Moving assets to Asia won't protect them because no major banks would openly flout U.N. sanctions. If funds are being shifted at all, it's simply to say, "Look how much money and business you'll be losing out on if you put sanctions on us. But we'll move it all back if you let us have some nukes." They know that the West will sell them the rope to hang themselves with.

[Peach]

Here is what Clinton said at a meeting on the margins of the World Economic Forum in Davos, Switzerland, last year:

“Iran today is, in a sense, the only country where progressive ideas enjoy a vast constituency. It is there that the ideas that I subscribe to are defended by a majority.”

And here is what Clinton had to say in a recent television interview with Charlie Rose:

“Iran is the only country in the world that has now had six elections since the first election of President Khatami (in 1997). (It is) the only one with elections, including the United States, including Israel, including you name it, where the liberals, or the progressives, have won two-thirds to 70 percent of the vote in six elections: Two for president; two for the Parliament, the Majlis; two for the mayoralties. In every single election, the guys I identify with got two-thirds to 70 percent of the vote. There is no other country in the world I can say that about, certainly not my own.”

http://freerepublic.com/focus/news/1356367/posts?page=59

[Eric in the Ozarks]

Actually, the Euros gave them early warning this past week that there might be a freeze. Guess what ? The ragheads took action to protect their assets.

[mnehring]

Iran is the only country in the world that has now had six elections since the first election of President Khatami (in 1997). (It is) the only one with elections, including the United States, including Israel, including you name it, where the liberals, or the progressives, have won two-thirds to 70 percent of the vote in six elections:..


Finally, someone who honetly describes libreals and progressives.. fanatical nuts in the mold of Iran.
Funny it came from Bubba.

[Flavius]

yes un/eu gives them economic heads up

and msm gives them moral support and sometimes military moral/movement information

just a darn smart way to run wars

[randog]

Clinton must be getting advice from Carter on what to do and say to squeeze a Nobel from those Scandinavian commies.

[Blood of Tyrants]

Compare the moving of assets to Iran announcing nuclear tests in March.

http://www.freerepublic.com/focus/f-news/1561373/posts

[Atlantic Bridge]

They can tranfer everything on my bank account. It is safe there. ;-)

[Chode]

Rollover: 212112

[dr_who_2]

This is nothing short of an IQ test for Europe and the U.S., one they can't afford to fail. Sanctions aren't going to work. Diplomacy isn't going to work. Threats aren't going to work. There's only one thing left.