London, Jan 11, IRNA-Iran's liabilities with western banks rose by over a billion dollars to a record dlrs 25.6 billion between March and June last year, according to the latest figures from the Bank of International Settlement (BIS).
During the second quarter of 2005, Iran overtook Saudi Arabia, whose liabilities fell by nearly dlrs 2 billion to dlrs 25.4 bn, to become the highest outside the Basle-based bank's reporting area, including the Middle East.
The rise in liabilities was accompanied by the country's deposits with western bank remaining fairly stable at over dlrs 23 billion, leaving Iran with a deficit of more than dlrs 1 billion.
Iran's liabilities have now risen by nearly pounds 11 billion since the end of December 2003, the biggest rise among countries outside BIS's reporting area.
This compares with an increase of nearly dlrs 6 billion assets at a time when Iran had a surplus with western banks in excess of dlrs 3 billion.
By maturity, over half of the dlrs 24.7 billion worth of foreign consolidated claims are up to one year. Over Dlrs 9.5 billion have a maturity of over two years.
The liabilities remained largely spread across European banks, totally dlrs 17.5 billion. The highest are with French and German institutions totalling dlrs 5.7 and dlrs 4.3 billion respectively.
Iran's assets with western banks previously fluctuated between dlrs 13 and dlrs 16 billion after almost doubling in value in 2000 following the steep recovery in oil prices before rates started to hit record prices from 2003.
During the same period, liabilities have often mirrored increases in deposits, varying from dlrs 6 billion to the current peak of more than dlrs 25 billion.
... Payvand News - 1/12/06 ... --