Economy, Business And Markets

Banks to Offer NDFI Forex Services

Banks to Offer NDFI Forex ServicesBanks to Offer NDFI Forex Services

Several banks and credit institutions have been chosen as agent banks for offering forex services by the National Development Fund of Iran estimated to be worth over $23 billion.

Ahmad Doust-Hosseini, the fund’s director, announced the news, adding that on average, 20% of all earnings from Iran’s crude oil sales are deposited with the wealth fund.

In late August, the Export Development Bank of Iran said that it is holding talks with the NDFI to open a $1 billion credit line to boost exports and offshore construction schemes.

 Furthermore, as per the Budget Law of 2014-15, it was decreed that 10% of the incoming resources to the NDFI are allowed to be used as loans allocated to the agriculture sector and another 10% to the industries sector.

Doust-Hosseini added that at the moment, the NDFI’s forex resources are in the neighborhood of $68 billion.

Doust-Hosseini – a former deputy minister of industries, mining and trade and a former board member at Tehran Chamber of Commerce, Industries and Mining – was appointed in early August by President Hassan Rouhani. He took the job after the former head of the fund and all its board members resigned in the aftermath of salary scandal that cost many officials their jobs.  The rainy day fund was created in 2011 to use a portion of surplus revenues from crude oil exports for investment in long-term projects.

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