Iranˈs Forex Assets 7 Times As Many As Foreign Liabilities

Tabriz, E.Azarbaijan Prov., July 7, IRNA – Minister of Economy and Finance Shamseddin Hosseini said in Tabriz on Saturday that Iranˈs forex reserves are seven-times as many as uiresforeign liabilities. Addressing the 4th International Seminar on Investment and Trade Opportunities and Potential of East Azarbaijan Province, Hosseini said the risk of Iranˈs economy is low despite all sanctions and pressures and volume of foreign resources has risen to 100 billion dollars. He said the value of non-oil exports, standing at $9.75b, exceeds that of imports that is $9.4b. He added that 20 percent of the $52b assets of the National Development Fund has been put at the disposal of domestic investors in the form of facilities. He said the ongoing seminar in Tabriz is taking place following an investment reduction in the world in 2012. He added that investment in the world fell by 18 percent in 2012. Elsewhere in his address, Hosseini said Iran managed to absorb $4.9b in 2012, showing a 2.4-fold increase compared to that in 2007. The minister said Iran enjoys very high economic potential and its economy is vibrant. Iran enjoys vast energy reserves, which requires the country to expand its energy resources, including nuclear energy. ˈIran possesses abundant basic metals and it sits on the worldˈs copper belt. Sungun copper mine in Varzaghan is the second largest open mine in the world.ˈ/end