Iran’s State Inspectorate Organisation: National Development Fund holds $54.5 billion

Iran Materials 4 November 2013 12:53 (UTC +04:00)

Azerbaijan, Baku, Nov.4/ Trend F.Karimov/

Amid contradictory statistics which have been announced in recent weeks by Iranian officials about the assets of the National Development Fund, the head of the State Inspectorate Organisation, Nasser Seraj, has put the figure at $54.5 billion, ISNA reported.

On Sunday, Seraj referred to contradictory data which has been announced about NDF assets, asserting that the fund holds $54.5 billion.

Data about the NDF assets varies between $32 billion and $50 billion. The First Vice President Es'haq Jahangiri said the fund holds $32 billion, while ex-President Mahmoud Ahmadinejad had put the figure at $50 billion.

Meanwhile, ex-Governor of the Central Bank of Iran Mahmoud Bahmani and President Hassan Rouhani's chief of staff, Mohamamd Nahavandian, announced that the fund holds $40 billion.

According to Seraj, some $24 billion worth of assets have been handed over to the banking system to be allocated to the implementation of development projects. The Central Bank has drawn over $18 billion from the fund for different purposes he added, but did not provide any information about the remaining $12 billion.

The NDF was established in 2010 with assets amounting to $49.9 billion in the past Iranian calendar year, he said.

Iran transfers 20 per cent of its oil revenue to the NDF.