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Payvand Iran News ...
10/29/11 Bookmark and Share
IMF predicts Iran's reserves will surpass $100b by year end

Source: Mehr News Agency

The International Monetary Fund (IMF) in its new report projected that Iran's gross official reserves will surpass 100 billion dollars by the end of 2011.

A high growth in Iran's exports in recent years has caused the tremendous upward pace in the country's official reserves since 2005, IMF stated in its report entitled "Regional Economic Outlook: Middle East and Central Asia".

According to the report, released on October 26, Iran's gross official reserves have tripled in recent years, reaching from 25.9 billion dollars in 2005 to 78.9 billion dollars in 2010.

The Islamic Republic's gross official reserves will increase to 104.6 billion dollars by the end of 2011 and $138.7b by the end of 2012, the IMF said.

"The ambitious energy subsidy reform initiated in Iran at the end of 2010 is expected to result in a slowdown in economic activity as enterprises adjust to an environment of markedly higher energy prices," the report said, projecting that Iran's real GDP growth in 2011 will hit 2.5 percent.

"This negative impact appears, however, to be mitigated to some extent by compensatory payments to households, which are buoying domestic demand," the report said, adding that the country's real GDP growth will increase to 3.4 percent in 2012.

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