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Iran's international reserves rose in first half

Tehran, Dec 12, IRNA -- A think-tank said in Tehran on Saturday that although Iran's international reserves dropped by dlrs 309 million in the first half of the last Iranian year (ended March 19), the corresponding figure rose by dlrs 2.025 billion in the same period this year.

The Center for Economic Analysis of Iran in a bulletin reported that the international reserves account balance at the end of the first quarter of the year, stood at dlrs 1.54 billion, chalking up by more than 300 percent in first quarter this year.

The balance of the Net Capital Account stood at 1.303 billion is 80 percent higher than the corresponding figure in the same period last year.

Furthermore, the Net Capital Account figure of reserves was dlrs 371 billion in first quarter, or 400 percent higher than last year's, the report said.

Governor of Central Bank of Iran (CBI) characterized here in September the country's levels of production, investment and employment in the last Iranian year (ended March 19) as "satisfactory."

In some areas the rate of growth was higher than anticipated, Ebrahim Sheybani said.

Speaking at the 44th session of CBI general assembly's annual conference, Sheybani added that the good results are due to prudent structural reforms in the economy carried in the past several years.

Formation of Foreign Exchange Reserve Fund, reform and Support of foreign investments, continuing issuance of non-inflationary bonds to fund state-sponsored projects, rounding-up and channeling of surplus liquidity in the market, initiating the renovation of industrial program, mandating a transparent approach to sources and use of budgetary funds include some of the constructive steps taken in the economic realm, he added.

Elsewhere in his statements, Sheybani stated that the current year's gross domestic product (GDP) at the constant last year's prices stood at 6.7 percent.

He added that the balance of payments of the country was influenced by crude oil market and international capital markets last year.

The value of non-oil exports and imports were 28.2 percent and 30.7 percent higher, respectively, compared to the preceding year.

The trade balance including oil exports showed dlrs 4.993 billion surplus in the Iranian year ending March 2003.

Foreign deposits of CBI and the balance foreign exchange reserve fund showed dlrs 3.521 billion increase last year, Sheybani underlined.

... Payvand News - 12/12/04 ... --

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