Iran’s forex deposits exceed $20b: BIS
The Bank for International Settlements (BIS) in its latest report said on Sunday that Iran’s foreign exchange reserves surpassed $20 billion in the first six months of 2023.
The bank also pointed out that Iran’s foreign currency deposits kept at foreign financial-credit institutes and banks registered an 11 percent growth from January to June 2023, Tasnim News Agency reported.
Of a total of $20 billion of Iran’s foreign currency deposits at the end of June 2023, more than $11.49 billion were kept at foreign banks.
In addition, $9.214 billion of the deposits are in euros while only $465 million are in dollars, the BIS added.
Such Iranian deposits had reached over $18.63 billion from January to June 2022.
According to the report, Iran's total financial relations with 44 foreign banks in the first half of 2023 hit $21.85 billion, showing a 5% growth compared to the same period last year.
Headquartered in Basel, Switzerland, the BIS was founded in 1930. It publishes reports entitled “International Banking and Developments of Financial Market” four times a year.