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Iran Hard Currency Reserves Up $9B

Source: Press TV

The governor of the Central Bank of Iran (CBI) says the nation's foreign currency reserves have swollen by 9 billion dollars through gold sales and currency exchanges.

"We have up-to-the-minute planning for the nation's foreign currency deposits, and we are not afraid of taking risks", Mahmoud Bahmani was quoted by the IRIB as saying on Monday.

"We are always monitoring global economic developments", Bahmani added.

"We need to privatize many of the monetary and banking activities to ensure economic security", he said.

The CBI chief reiterated it is not 'expedient' to lower the foreign currency exchange rate in Iran as it would lead to an outflow of hard currency from the country.

He underlined Iran's imports are worth roughly three times its exports, calling on the government to offer more incentives to exporters.

... Payvand News - 06/28/10 ... --

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