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MP: Iran's foreign exchange reserves hit $100 billion

Iran Materials 15 February 2012 11:14 (UTC +04:00)

Azerbaijan, Baku, Feb. 15/ Trend F.Milad/

Iran's foreign exchange reserves hit $100 billion and foreign debts amount to $40 billion, Mehr news agency quotes member of the Iranian parliament (Majlis) as reporting.

While the head of Tehran Chamber of Commerce, Industries and Mines, Yahya Ale-Eshaq has put the figure at $120 billion, saying that the country faces no shortage of gold and foreign currency reserves.

Iran's gold reserves set a new record, hitting nearly $17.5 billion, he added.

The value of the gold reserves, which amount to roughly 907 tons, has reached the record figure over the purchase price of $600 on each ounce, Ale-Eshaq said.

Finance and economic affairs minister has announced that national assets amount to five fold of the country's total foreign debt. Shamseddin Hosseini added that the sum of foreign debts is less than 5 percent of gross domestic product (GDP).

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