Iran forex reserve gains billions of dollars

TEHRAN, Sept. 29 (MNA) – The Central Bank of Iran governor said that the country’s foreign exchange reserve has gained several billion dollars as a result of increased gold reserves in the past one and a half years.

 IRINN quoted Mahmoud Bahmani as saying that this year the Islamic Republic has the lowest rate of foreign debt.

 He added that the average rate of oil exports had not declined and the country was exporting half of the 4 million barrels a day which it produced.

 The minister went on to say that the average income from the oil sector in the past six months had been $74 dollars a barrel.

 Meanwhile, the governor of the Central Bank of Iran stated on September 21 that inflation would definitely continue to decrease and reach 7 percent in the month.

 Bahmani highlighted the CBI’s measures to curb inflation and said, “In order to control the inflation rate, monetary and financial policies must be managed collectively, though all issues related to controlling inflation are not in the hands of the Central Bank.”

 He went on to say that the decline in the inflation rate will continue if the economic reform plan is not implemented and subsidies on various products are not relinquished.

 MRK/SJ

END

MNA

News Code 42199

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