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Iran Says Forex Reserves Doubled

Source: Mehr News Agency, Tehran

The governor of Iran's Central Bank stated that during the short period since the body changed the currency basket the nation's foreign reserves has doubled.

Mahmoud Bahmani, Iran's Central Bank chief during a press conference in August

Mahmoud Bahmani added that the import of goods into the country must be reduced and limitations should be made on the products allowed into the country.

"Measures have been taken to import only necessary goods inside the country," he said.

Sanctions benefit forex reserves

Bahmani pointed out that the sanctions have somehow been beneficial in respect to foreign reserves because less foreign currency leaves the country and this is beneficial for industries.

He explained by this means threats against the country can be turned into opportunities.

"In other words," Bahmani went on to say, "Sanctions lead to less imports and the import of only necessary goods, and as a result saves are made on foreign reserves, and as a result of that there is prosperity and an enhancement in domestic industry."


... Payvand News - 08/24/10 ... --

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