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Parliament okays gov’t bill to raise Iran’s quota in IMF
During Wednesday’s open session, lawmakers prioritized and subsequently passed the general terms of a bill to raise Iran’s quota in the IMF, IRNA reported.
Out of 290 members, 181 voted in favor of a proposal by the Iranian Parliament Commission on Economy, enabling the Central Bank of Iran (CBI) to raise the Islamic country’s share in the IMF by 1,783.6 million Special Drawing Rights (SDR). This will increase Iran’s overall IMF quota from 3,567.1 million SDR to 5,350.7 million SDR.
Mohammad Reza Farzin, who was officially appointed by President Masoud Pezeshkian as the governor of the CBI on Wednesday, stated that part of Iran’s contribution to the IMF will rely on 25 percent foreign currency reserves from other countries, raising the nation’s capital in the IMF by around $1.783 billion.
During the parliament session, Farzin explained that the World Bank has recommended that member states may increase their quotas by as much as 50 percent, warning that if the Islamic Republic’s share does not increase, others will increase their capital, and Iran will lose its leadership in the IMF after 50 years.