...

Iranian government draws $5.3B out of Central Bank

Business Materials 31 January 2015 11:38 (UTC +04:00)

Baku, Azerbaijan, Jan. 31

By Fatih Karimov - Trend: The Iranian government has drawn $5.3 billion out of the Central Bank over the past two years.

Iranian MP Mousarreza Servati said that Central Bank Governor Valiollah Seif has confirmed the drawing out of money, Iran's Tasnim news agency reported on Jan. 30.

As Seif told members of the parliament's budget and planning commission, the administration has drawn $1.2 billion from the Central Bank for selling oil. However, the bank has not yet received the petrodollars, he noted.

The administration had drawn $4.1 billion out of the Central Bank last year, Servati said.

The Supreme Audit Court of Iran has confirmed that the government has taken some $4.1 billion out of the National Development Fund.

Iranian MP Masoud Mirkazemi said on May 5 that the government illegally took $4.1 billion out of the NDF in the last days of the previous [calendar] year (which ended on March 20).

"The government took the money promising to return it once the blocked oil revenues arrive in the country," he said.

The NDF is Iran's sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund.

Latest

Latest