Iranian bank deposits abroad at highest level in 17 years

Published March 11th, 2001 - 02:00 GMT

The Swiss Bank of International Settlements has reported that Iranian deposits with overseas banks rose to $13 billion—the highest level in at least 17 years—and more than $2 billion more than the amount reported at the end of the second quarter, after adjusting for currency fluctuations.  

 

In the space of 21 months, added the report, Iranian deposits in overseas banks increased by 100 percent.  

 

Monies owed by Iran to foreign banks stood at an eight-year low of $7.2 billion at the end of the third quarter of 2000, some $78 million less than the amount reported at the end of the previous quarter. This means that its surplus reached $5.79 billion by September 30, the healthiest level since the beginning of 1986. Iran had shown a surplus for the first time in two and a half years at the beginning of 2000.  

 

Unsurprisingly, higher oil prices have much to do with Iran’s improved financial status. Other Middle Eastern and North African oil producing countries experienced similar improvements in the position of their external accounts, reported the Swiss Bank of International Settlements, with total deposits rising to $302 billion, $153 billion more than total liabilities. – (Albawaba-MEBG)  

© 2001 Mena Report (www.menareport.com)


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