NDFI hoard of cash reaches $ 68bn

TEHRAN, Oct. 02 (MNA) – Head of National Development Fund of Iran has said the incoming cash to the Fund has shrunken by half as oil prices have been tumbling.

Ahmad Dousthosseini told Mehr News Economic Service on Sunday that during his term, the figure of cash in the Fund had not changed drastically; “on average, the Fund receives regularly only 20 per cent of the oil income; the incoming cash had shrunken by half as oil prices had kept declining,” he added.

The figures for 2014 published by the Fund had given the latest amount of cash as $ 68bn, which implies that no cash had been added to the Fund since then. By March 21 2015 (the end of fiscal year), Fund had been committed to provide banks around $ 23bn as credits, while the Budget Plan of the same year stipulates that only 10 per cent of the incoming cash should be invested in agriculture and other 10 per cent to industry sectors. The two sectors each received $ 843mn for further development of water, tourism, and mines and industry sectors.


News Code 120207


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