Iran’s Foreign Reserves Rise 27pc to $70bln

A011290220.jpgTEHRAN (FNA) Iran’s foreign exchange reserves rose 27.4 per cent in the 12-month period ending October 22, reaching the equivalent of more than $70 billion.

Central Bank of the Islamic Republic of Iran Governor Tahmasb Mazaheri was quoted last week as saying reserves now stood at more than $70bn but did not give a precise date or give any comparative figures.

“Iran’s foreign exchange reserves by the end of (the Iranian month of) Mehr rose to more than 661 trillion rials … which shows a 27.4pc increase in the year ending on that date,” a report said yesterday. Mehr ended on October 22.

The report said Iran’s foreign exchange reserves at the end of Mehr a year earlier were more than 518 trillion rials.

The report said 661 trillion rials was equivalent to $73bln, suggesting an exchange rate of about 9,055 rials to the dollar. Based on the current central bank rate of 9,317 rials, the dollar equivalent is about $70.9bn.

Mazaheri, appointed governor in September, has said Iran will release reserve figures every three months.

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