Iran's forex reserves rise 29% to $76b in 2007

Tehran: Iran's foreign exchange reserves rose 29 per cent in 2007 up to November, reaching $76 billion, an Iranian news agency reported on Friday.

Fars News Agency cited a central bank report, which was not immediately available on the bank's website (www.cbi.ir).

Central Bank Governor Tahmasb Mazaheri Thad said earlier this month that Iran's reserves were more than $72 billion, although he had not given a precise date for that figure.

Fars News Agency said Iran's foreign reserves, which until recently were not publicly disclosed, reached $76 billion at the end of the Iranian month of Aban, which ended on November 21.

The report put the rise at 29 per cent on the previous year. It said reserves in Aban a year earlier were 529 trillion rials, which at current exchange rates would be roughly $56.9 billion.

Discrepency

This would suggest a rise of more than 30 per cent. The reason for the discrepancy in percentage calculation was not clear.

Iran, the world's fourth largest oil producer, has been enjoying windfall oil earnings. Officials said oil revenues for the Iranian year ending in March would hit $63 billion.