Iran’s CBI’s foreign assets rose over 430% in year to March
Central Bank of Iran (CBI) figures show its assets in other countries rose by 430.9% in the year to late March compared to the previous year.
The figures published on Sunday showed that CBI’s net foreign assets had reached the equivalent of 18,360.7 trillion rials in the year to March 19, up from 3,458.6 trillion rials reported in late March 2023.
The CBI’s official price for the US dollar was 390.272 rials on July 7, according to its website, meaning that the bank’s foreign assets were worth more than $47 billion.
The CBI said the major rise in its foreign assets had played a major part in the increase in the bank’s monetary base which was reported to be 27.6% in the year to late March.
CBI’s monetary base reached 10,906.4 trillion rials (nearly $28 billion) in late March, up from 8,548.0 trillion rials reported in the previous year.
That caused a major increase in money supply in Iran, which rose to 78,774.5 trillion rials (nearly $202 billion) in late March, up 24.3% compared to the year to late March 2023.
Iran saw a major increase in its oil exports to China in the past calendar year despite US sanctions that prevent the country from accessing global oil markets.
The funds generated from Iran’s oil exports are mostly held in bank accounts in other countries as US sanctions restrict their transfer to CBI’s domestic accounts.
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