TEHRAN (AFP) - The Central Bank of Iran is converting 45 billion euros of its foreign exchange reserves into dollars and gold ingots, the English language Press TV channel reported on its website. The report said the banks new monetary policy comes 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, the website said.