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February 22nd 2008

Iran has Forex Reserves?

Every month seems to witness the induction of a new country into the pantheon of those with burgeoning forex reserves.  The new member for the month of February is…Iran?  Most of the attention Iran receives is political rather than economic, but with oil prices recently topping $100 a barrel for the second time, you can bet that Iran will start appearing on the radar screens of more and more analysts.  Iran’s reserves currently total $76 Billion, which is unimpressive in itself, but represents a 30% year-over-year increase.  Of more significance, perhaps, is that Iran is leading the charge against the Dollar by actively diversifying its reserves into Euros. It remains to be seen whether any "non-rogue" countries will follow suit.  The Economic Times reports:

Iran, the world’s fourth largest oil
exporter and the second ranking in OPEC, has benefited from record crude prices
which have helped it to weather domestic economic problems.

Read More: Iran’s forex reserves top $76 bn

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Posted by Adam Kritzer | in Central Banks, Politics & Policy | No Comments »

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