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Iran forex reserves reaches $80B

Press TV - A high-ranking Central Bank of Iran (CBI) official says the country's foreign exchange reserves have reached more than $80 billion.

Reza Raei, a CBI deputy chief, said on Tuesday that Iran's forex reserves have been mostly switched into euros, Fars news agency reported.

Oil prices have dropped almost $100 since hitting a record high of above $147 in July, causing a decline in Iran's oil revenues.

However, Raei said the current reserves would be enough to meet Iran's forex demands.

Iranian President Mahmoud Ahmadinejad said in November that falling oil prices had no serious impact on the country's economy even if they reached $5 a barrel.

The International Monetary Fund has predicted that Iran would face a fiscal deficit should crude oil prices fall below $90 a barrel.

The Iranian Parliament has approved a proposal to prepare the budget plan for the next Iranian calendar year based on $45-a-barrel oil.

Critics say such a price would not be acceptable as it would require Iran cutting 25 percent of its overall costs and current development expenditures in the budget plan.

... Payvand News - 12/02/08 ... --

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