The Bank for International Settlements (BIS) in its latest report said on Sunday that Iran’s foreign exchange deposits surpassed $20 billion in the first six months of 2023.
The bank also pointed out that Iran’s foreign currency deposits kept at foreign financial-credit institutes and banks registered an 11 percent growth from January to June 2023.
The rate of Iran’s foreign currency deposits kept at foreign financial institutes and banks at the end of the first half of 2023 reached $2.31 billion, registering an 11 percent hike compared to the same period last year.
Of total $20 billion of Iran’s foreign currency deposits at the end of June 2023, more than $11.49 billion were kept at foreign banks.
In addition, $9.214 billion of the deposits are kept in euros while only $465 million are in dollars, the BIS added.
Iran’s foreign currency deposits kept at foreign financial institutes and banks from January to June 2022 had reached over $18.63 billion.
According to this report, Iran’d total financial relations with 44 foreign banks in the first half of 2023 hit $21.85 billion, showing a five percent growth compared to the same period last year.
Headquartered in Basel, Switzerland, the Bank for International Settlements (BIS) was founded in 1930.
The reports of the bank entitled “International Banking and Developments of Financial Market” are published four times a year.