Latest figures released by the Central Bank of Iran indicate that foreign currency reserves of banks and credit institutions grew 6.8% in the first quarter of the current fiscal year (started March 21) to 2 quadrillion rials ($68 billion at the official exchange rate). Banks’ reserves held by the CBI also increased 3.3% to 900 trillion rials ($31 billion). According to the same report, money supply increased 22.7% between May 22 and June 22 at an annualized rate to 8.6 quadrillion rials ($296 billion). Iran’s foreign debt, the report adds, hit $ 5.4 billion in the first quarter. Of this, $454 million were considered short-term debt and $531 million were long and medium-term debt. The latest figures show a gradual increase in Iran’s foreign debt since the start of the year.
