Iran Supreme Audit Court: Central Bank devalues national currency
Azerbaijan, Baku, Jun.19/ Trend F.Karimov/
The Supreme Audit Court of Iran has released a report in which it has asserted that the Central Bank has devalued the national currency through selling foreign currency at rates higher than the official one, the Mehr News Agency reported.
The report which is related to the 2011-2012 fiscal year shows that the Central Bank's performance has led to a decrease in the national currency reserves and eventually in its devaluation.
According to the report, Iran exported $102.9 billion worth of crude oil and gas condensates in the Iranian calendar year 1390 which ended on March 19, 2012, but $94.6 billion has been deposited into state coffers.
Of the figure, $80.4 billion was related to the export of crude oil and condensates and $14.2 billion was related to outstanding debts of customers for the preceding year.
The outstanding debts of customers rose from $6.8 billion in the calendar year 1388 to $12.3 billion in 1390 and increased to $12.6 billion in 1391.
According to the International Monetary Fund, Iran's economy shrank by 1.9 per cent in 2012. The value of the national currency the rail also decreased by 40 per cent in 2012. According to the Central Bank of Iran, the country's inflation level was above 30 per cent in the previous year.