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Iran's Forex Reserve Fund's assets will rise to $7.3B, says official

Iran's Forex Reserve Fund's assets are expected to amount to 7.3 billion dollars by end of the current year on March 20, said Deputy Governor of the Central Bank of Iran (CBI) Mohammad-Jafar Mojarrad in Tehran on Sunday, IRNA reported.

Mojarrad said at the monthly conference of the CBI's Monetary and Banking Research Center that the Fund's reserves amounted to dlrs 6.1 billion at the end of 'Azar', the ninth month in the Iranian calendar, from dlrs 8.81 billion on March 20, 2003, which marked the end of the last Iranian calendar year of 1381.

He said that dlrs 13.378 billion was deposited in the Forex Reserve Fund from 2001 to March 2003.

He added that dlrs 2.9 billion more, earned from oil exports, were added to the deposit in the month of Azar in the current Iranian year.

The official said that a sum of dlrs 5.9 billion dollars was paid out of the Fund to applicants in a three-year period upto last year and about five billion dollars by end of this year's Azar.

He said that thus far, three billion dollars have been withdrawn from the Fund to finance 614 industrial projects, five million dollars for the mineral projects and dlrs 5.3 million for seven agro projects.

Furthermore, dlrs 111 million were withdrawn from the Fund for transportation related projects and dlrs 68.9 million for two projects in the technical and engineering related fields, Mojarrad said.

In total, dlrs 3.3 billion has been withdrawn from the Fund for 630 projects since the establishment of the Fund in 2001, said the official.

The banking official said that Iranian banks are now examining invoices for 339 projects, costing dlrs 7.282 billion.

... Payvand News - 1/25/04 ... --

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