TEHRAN, Iran, (AP) – The head of Iran’s central bank is denying the country plans to sell billions in euros as the currency weakens because of Europe’s debt crisis.

Central Bank Governor Mahmoud Bahmani was quoted in Sunday’s edition of the state-run Iran newspaper as saying a report early last week in a local newspaper that Iran plans to replace 45 billion euros of its foreign currency reserves for U.S. dollars was “not correct.”

Iran has been converting its roughly $83 billion in reserves to euros as the dollar was hit by the global financial meltdown.

Bahmani also said the inflation rate in Iran has fallen to under 10 percent in May from 10.4 percent in April.