Forex reserves rise $9b

Business Materials 29 June 2010 14:34 (UTC +04:00)

The governor of Iran's Central Bank said, "Through exchanging foreign currencies and selling gold, $9 billion has been added to the country's foreign currency reserves."

Mahmoud Bahmani stated that by the end of the Iranian calendar year of 1387 (March 2008) bank resources (forex reserve excluded) were about $167 billion which soared up to $213 billion by March 2009, Islamic Republic of Iran Broadcasting reported.   

He pointed out that each year $21 billion of worth of goods are exported and $58 billion are imported from and to Iran so the government should increase export incentives and offer preferential rates to the exporters.

While continuing, he referred to the inflation rate in the country and said that they had reduced it to one-digit by April as they had planned, adding that they could have lessened it to 4 percent by next year if the subsidies reform program had not been put forward for implementation by the administration.