Iran says to settle last oil invoices with foreign banks

Business Materials 20 March 2015 11:38 (UTC +04:00)

Baku, Azerbaijan, Mar. 20

By Khalid Kazimov - Trend:
President of the Central Bank of Iran Valiollah Seif has said that the bank is going to settle the last oil invoices of its brokers in foreign banks before the end of the current Iranian fiscal year (March 20).

He made the remarks on the sidelines of his end-of-the-year visit to a number of Central Bank offices on Friday, Mehr news agency reported March 20.

Seif went on to say that Iran's economic growth of 3.6 percent in the past year, which followed eight seasons of malfunction, comes as a harbinger of prosperity.

He said that economic growth, control over inflation, and stability in the currency market all together strengthen the idea that Iran's economy is on the right path.

The Central Bank chief said that toward the end of the Iranian year, the number of demands for currencies increased hugely. He counted it as a sign that Iran's economy is enjoying good state of stability.

Seif said that in the last day of the current Iranian fiscal year, the Central Bank of Iran has put two missions top on agenda.

One is to make sure that the last oil invoices are settled with Central Bank brokers at foreign banks, and the other is to effectively lead the government revenue liquidity in all banks across the country to settle it at the treasury.

Earlier, Seif had said that liquidity hit 21.7 percent for the Iranian month of Bahman (January 20 - February 19), showing a decent decline compared to the same period the previous year, when liquidity was 28.3 percent.

The fact points to the effectiveness of the policies adopted by the Central Bank, Seif asserted.
Then, he outlined the prominent programs for the next fiscal year as further opening the Central Bank's regulatory umbrella, making the money market more integrated, unifying currencies, and organizing the non-current claims in the country's banking network.

Edited by CN