Iran increases gold, foreign currency reserves 57%

Iran increases gold, foreign currency reserves 57% Iran in 1400 solar Hijri (for the year ending March 21) increased its gold and foreign exchange reserves by 57%, to more than $57 billion from $36.5 billion
Finance
April 6, 2022 11:52
Iran increases gold, foreign currency reserves 57%

Iran in 1400 solar Hijri (for the year ending March 21) increased its gold and foreign exchange reserves by 57%, to more than $57 billion from $36.5 billion, chairman of the country's central bank, Ali Saleh-Abadi, told the IRNA news agency, Report informs citing Interfax.

At the same time, the increase in the country's foreign currency reserves was largely ensured by export earnings, the head of the Iranian Central Bank added. Thus, the total amount of foreign currency received by Iran's domestic Forex Management Integrated System (locally known as NIMA) from Iranian exporters increased by 66% and amounted to $29.3 billion.

NIMA was established by the Iranian Central Bank 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 rate. The goal of NIMA is to increase transparency and competitiveness among exchange offices and create a safe environment for traders.

Meanwhile, the volume of dollar trading in the foreign exchange market in Iran almost tripled (by 176%) and amounted to $1.694 billion, Saleh-Abadi added.

The trading volume of the euro also increased almost three times (by 186%) and amounted to 299 million euros. In 1398 and 1399, this figure was only 8 million and 80 million euros, respectively.

Saleh-Abadi described the situation in the country's foreign exchange market as favorable and balanced.

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