Iranian capital in UK banks on the rise
The total Iranian capital deposited in British banks amounted to $7.15 billion in the first quarter of 2001—a rise of more than 75 percent relative to the $4 billion figure in the corresponding period of last year. The rise is more than three-fold in comparison to the $2 billion figure at the end of March 1999.
On the liabilities side, Iran continues to lower its debt which stood $1.33 billion at the end of the first quarter of this year, relative to $1.61 billion in the corresponding period of 2000, reported the London-based Asian Pulse on Tuesday, June 19.
According the Bank of England, half of the $19.5 billion liability of UK banks to countries outside the Bank of Settlements area, is due to the increase in liabilities of Middle Eastern countries, particularly Saudi Arabia and the Emirates. — (MENA Report)
© 2001 Mena Report (www.menareport.com)