Friday, September 22, 2023

Iran to soon gain quick access to $6.7 billion of its financial resources at IMF: CBI chief

Governor of the Central Bank of Iran (CBI) Mohammadreza Farzin says the country will soon acquire quick access to $6.7 billion of its financial resources at the International Monetary Fund (IMF).

Speaking to reporters on the sidelines of a meeting in Washington with IMF officials, Farzin said Iran would be able to spend the amount to promote its efforts to battle the country’s economic woes.

Currently, he said, Iran has 4.8 billion worth of Special Drawing Rights (SDRs), which is equivalent to $6.7 billion.

At times when the global economy faces recession, the IMF enables Special Drawing Rights, a type of reserve asset issued by the body to all countries to help supplement their official reserves. SDRs are not cash, but they can be traded for hard currency such as dollars, pounds, or euros.

Until before 2021, Iran enjoyed 1.4 billion SDRs and 3.4 billion more SDRs were added to the previous account in order to confront the economic recession caused by the global coronavirus pandemic, the CBI governor noted.

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