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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared UPDATE 2-Google ordered to defend against age bias lawsuit 05 Aug 2010 iPhone exec departs Apple after "Antennagate" 07 Aug 2010 Ex-HP CEO Mark Hurd settled with contractor 12:42am EDT South Korean fishing vessel held by North: coast guard 8:09am EDT Pakistan navy boats travel far to reach flood victims 11:06am EDT Cancer cells slurp up fructose, US study finds 02 Aug 2010 Pakistan navy boats travel to reach flood victims 11:08am EDT Snap analysis: July jobs show odd mix of bad news 06 Aug 2010 Dog chews off Michigan man's toe, saves his life 04 Aug 2010 Ex-HP CEO Hurd settled with contractor-sources 12:14am EDT Cancer cells slurp up fructose, US study finds 02 Aug 2010 Pakistan navy boats travel to reach flood victims 11:08am EDT Dog chews off Michigan man's toe, saves his life 04 Aug 2010 iPhone exec departs Apple after "Antennagate" 07 Aug 2010 UPDATE 2-Google ordered to defend against age bias lawsuit 05 Aug 2010 Mudslides devastate China town 10:30am EDT Russian drought fires turn deadly 06 Aug 2010 Pakistan navy boats travel far to reach flood victims 11:06am EDT Lender putting www.sex.com domain on auction block 08 Mar 2010 South Korean fishing vessel held by North: coast guard 8:09am EDT Sanctions nothing to fear: Iranian central banker Digg This Tweet This Share on LinkedIn Share on Facebook Factbox Factbox: Key political risks to watch in Iran Wed, Aug 4 2010 Related News UPDATE 1-Booming Iran stock market unscathed by sanctions Mon, Aug 2 2010 U.S. officials to go to China to push shunning Iran Thu, Jul 29 2010 Conditions still apply for nuclear talks: Ahmadinejad Tue, Jul 27 2010 Russia says new EU sanctions on Iran "unacceptable" Tue, Jul 27 2010 Related Topics World » Governor of the Central Bank of Iran Mahmoud Bahmani speaks with journalists during a news conference in Tehran August 8, 2010. Credit: Reuters/Raheb Homavandi By Ramin Mostafavi TEHRAN | Sun Aug 8, 2010 11:34am EDT TEHRAN (Reuters) - Iran has nothing to fear from new sanctions and any move to isolate the country economically will only spur self-sufficiency, its central bank chief said. "About sanctions, (we should not) be scared and frightened by them ... we should fight back, and that's for sure. But how? We should change these threats into opportunities," Governor Mahmoud Bahmani told a news conference on Sunday to mark the central bank's fiftieth anniversary. Echoing the sentiments of President Mahmoud Ahmadinejad, who has said the sanctions will have no effect on the economy, Bahmani said Iran would benefit if it cut consumption of foreign luxury goods and bought more local products. "It means that they are fighting to not give us their products and we fight them back by not wanting their products. It is much more interesting than sitting and getting upset." The United States led diplomatic moves that secured new U.N. sanctions in June. The move was aimed at pressuring Iran to curb a nuclear program the United States fears is aimed at making a bomb, something Iran denies. Since then, some countries have applied tougher sanctions and others are considering them -- measures which make it increasingly difficult or costly to do business with Iran. Bahmani said inflation would continue to fall. Official inflation was 9.1 percent in the Iranian month running June-July, and would fall to 8.9 percent in July-August and to close to 7 percent by August-September, he said. After that, the government will start a major policy of phasing out billions of dollars worth of subsidies for staple items, a move bound to push up prices. A major spike in inflation could hit Ahmadinejad politically more than a year after his re-election sparked the biggest civil unrest since the 1979 Islamic revolution. Bahmani declined to estimate the inflation rate for the period after the subsidy reform has begun, but said: "When its implementation starts, it will definitely have its effects." (Writing by Robin Pomeroy; Editing by Dan Lalor) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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