Tuesday 27 September 2011

Iran's Foreign Currency Reserves Depleted

Iran’s Foreign Currency Reserve Account has reached a zero balance despite high oil prices in recent years, the Iranian National Audit Organization announced.

Mehr News Agency reports: “Lack of proper supervision of plans and the failure to follow up on the necessary payments has depleted the Foreign Currency Reserve Account in the years 2008 and 2009.”

Mahmoud Ahmadinejad would not reveal the 2009 balance, calling the information classified. But he said the amount of the balance “is unprecedented in the whole history of the country.” He stated, however, that there are sufficient reserves in the account to last for several years of national need.

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