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Iran oil reserve fund holds $10b

Press TV - Governor of the Central Bank of Iran (CBI) Tahmasb Mazaheri announces that the country has USD 10 billion in its Oil Stabilization Fund (OSF).

"The fund's reserves are announced every three months and according to the latest statistics available which belongs to the last week, it holds 10 billion dollars," Mazaheri, a former economy minister noted.

The top banker announced earlier in December that OSF -a contingency fund for periods of low oil prices and financing productive projects- had eight billion dollars.

Iran, the world's fourth largest crude exporter, is expected to gain $70 billion from oil sales by the end of the current Iranian year to March 2008.

The CBI chief put country's inflation at 17.2 percent for the 12 months leading to December 21.

Economists express increasing concern about runaway inflation in the Middle Eastern country with many blaming poor measures taken to check the excessive flow of liquidity into the economy for the problem.

... Payvand News - 01/12/08 ... --

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