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Iran to have quick access to $6.7 bln of its funds in IMF: CBI Governor

Mohammad Reza Farzin, Governor of the Central Bank of Iran (CBI) (Photo by Tasnim news agency)

The governor of the Central Bank of Iran (CBI) has announced that the Islamic Republic will soon have quick access to $6.7 billion of its financial resources in the International Monetary Fund (IMF).

Mohammad Reza Farzin made the remarks on the sidelines of his meetings with the senior officials of the IMF in Washington, D.C.

Currently, Iran has 4.8 billion worth of Special Drawing Rights (SDRs), which is equivalent to $6.7 billion, he said, adding that these resources can be used quickly to help further improve the country’s economic situation.

Farzin added that in different times when the global economy faces recession, the IMF creates liquidity entitled “SDR Allocation, Special Drawing Rights" in order to help its members deal with their economic recession.

Iran's chief banker also called on the IMF to support the strengthening of international banking programs for the expansion of economic relations and trade exchanges with countries.

The IMF recently published a report in its statistical database pointing to an increase of $141 billion dollars in the Islamic Republic of Iran’s GDP in 2022, introducing Iran’s economy as the 22nd largest economy in the world this year (2023).

Iran has tens of billions of dollar worth of funds in foreign banks that it cannot access due to US sanctions.

The funds are mostly kept in banks in South Korea, Iraq, China, Japan and India where Iran is owed for shipments of crude oil and other energy products that took place before the United States imposed its sanctions on Tehran in 2018.

US sanctions have mostly targeted Iran’s sale of crude oil and its ability to engage in dollar transactions in the global banking system.

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