Reserves in Forex Fund amount to $20 billion: MP

TEHRAN, May 27 (MNA) -- Majlis Economic Committee Chairman Gholamreza Mesbahi-Moqaddam revealed on Tuesday that the $20 billion is deposited in the Foreign Exchange Reserve Fund (Forex Fund).

However, he added, the reserves were expected to be much higher.


“Regarding the multiple increase in oil prices, we expected the amount of reserves in the Forex Fund to be much higher than what it is,” Mesbahi-Moqaddam told reporters.


“The administration’s increased revenues from selling oil have gone to the Central Bank instead of the Forex Fund,” the MP pointed out.


On President Mahmoud Ahmadinejad’s campaign speech on the TV on Monday night, he said, “That the amount of investments has increased is correct. The increase in production during the ninth administration is also right. However, the grounds for these investments on production have been laid down during the previous administrations.”


In the televised campaign Ahmadinejad said his administration has succeeded to do more investments and increase national production.


Mesbahi-Moqaddam also rejected claims that the administration owes $40 billion to the banks, saying it is only $23 billion.






News Code 33971

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