Iran’s gold and foreign exchange reserves rise 57% in a year
Iran has increased its gold and foreign exchange reserves by 57%, to more than $57 billion from $36.5 billion, said Ali Solhabadi, head of the country’s central bank.
The head of the Central Bank of Iran added that the increase in the country’s foreign exchange reserves was largely guaranteed by export earnings. Thus, the total volume of incoming currency to the NIMA from Iranian issuers increased by 66% and amounted to $29.3 billion.
NIMA was established by the Central Bank of Iran four years ago. Through this system, Iranian exporters can sell their foreign exchange earnings to importers of important consumer products and the state at a favorable price. The goal of NIMA is to increase transparency and competitiveness among exchange offices and to create a safe environment for traders.
Meanwhile, the dollar turnover in Iran’s foreign exchange market has nearly tripled (by 176%) and reached $1.694 billion, according to Solhabadi.
The turnover of the euro also increased almost three times (by 186%) and amounted to 299 million euros.
Salkhabadi described the situation in the country’s foreign exchange market as favorable and balanced.
