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Iran's Foreign Exchange Reserves Surges: IMF

Source: Press TV

The International Monetary Fund (IMF) has pointed to a significant rise in Iran's foreign exchange reserve. In its latest World Economic Outlook report, the IMF said the Iranian reserve of foreign exchange rose by 14.3 billion dollars in 2015, registering a record of 125.9 billion dollars.

Foreign-exchange reserves (also called forex reserves or FX reserves) are assets held by a central bank or other monetary authority, usually in various reserve currencies, mostly the United States dollar, and to a lesser extent the euro, the pound sterling, the Japanese yen, and used to back its liabilities-e.g., the local currency issued, and the various bank reserves deposited with the central bank by the government or by financial institutions.

It added however that the reserve could slightly slim and settle at $125.6 billion this year.

Similarly, the international financial organization forecasted the country's gross domestic product (GDP) to hover around $386 billion in 2016 from last year's $387.7 billion.

The report, which projected the world economy to gain 3.5% in 2016, forecasted a four-percent growth for the Iranian economy, compared to its last year announcement of zero percent.

The IMF also estimated Iran's double-digit inflation rate of nearly 12% to lower and reach 8.9 percent throughout this year.

It said a prolonged period of slow growth has left the global economy more exposed to negative shocks and raised the risk that the world will slide into stagnation.

The monetary organization had earlier cut its combined growth projection for oil-exporting countries to 2.9 percent this year from a forecast of 3.8 percent in October.

It said the Saudi economy would only grow by 1.2 percent in 2016, the lowest in seven years, and by 1.9 percent next year.

The grim forecast for the Saudi economy comes despite the austerity measures taken by the Persian Gulf kingdom to cut spending and boost non-oil revenues after posting a record budget deficit of $98 billion last year.

... Payvand News - 04/27/16 ... --

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