The Head of the Central Bank announces:

Iran's foreign currency revenue is higher than 100 billion dollars, and The World Bank and the IMF are opposed to sanctions on I

07 May 2012 | 11:19 Code : 1900988 From the Other Media
A summary of the speech by Dr. Bahmani in the seminar for senior managers of Sepah Bank
Iran's foreign currency revenue is higher than 100 billion dollars, and The World Bank and the IMF are opposed to sanctions on I
 Dr. Bahmani said that the banking system has the duty to support domestic production. He went on to say that our foreign currency revenue as well as our export income exceeds 100 billion dollars per annum. If we only consider oil income, with the expenses associated with the imports, we still have a surplus in our resources. Therefore, we have no problem with regard to currency reserves and income. The only problem our banking system is faced with is the transfer of money. The banking system should easily distribute the resources received from oil sales and other income between producers and importers. Therefore, it is necessary to make contacts with targeted countries to establish banking units in the countries doing business with us.


While pointing to his meeting with the president of the World Bank, he stated, “In that meeting, I explained that Iran has no problem in imports and reserves. They accepted this and the president of the World Bank agreed that imposing sanctions on the Central Bank is meaningless. “


Bahmani further added, “Many countries announced their readiness to remove sanctions on our Central Bank. In meetings that I had with presidents of banks and officials at the World Conference, various countries announced that they are prepared to have trade and commerce relations with us and we take these measures through our internal banking system.“ The head of the Central Bank, while mentioning that the slightest movements of the banking system are under a microscope, stated, “We must strengthen supervision, control, and investigations.”


Bahmani, while reiterating that one of the ways to create resources and the possibility to give better facilities to customers is receiving delayed claims, added: “Our targeting and planning in the domain of receiving delayed claims has helped us reach an average of 15.1% from the previous 28.9%, an indication of our staff’s efforts in the banking system, but this is not enough.”


He said, “The banking system has offered facilities to the customers that were beyond its capacity, because facilities during the past year had 29% growth, while the growth of attracted resources was 19.6%.”


Bahmani further noted, “The total of deposits in the banking system has been 534 thousand billion Rials, hence, claims made by some that banks have not helped the country’s production and economy are really unfair.”


While stating that last year’s inflation rate reached 21.5%, much lower than expected, he said, “In the last two months of last year, we were able to collect and control cash flow through the pre-sale of 10.5 million gold coins and the sale of bonds.”


He said, “Last year, the growth rate of the country’s cash flow was 25.2 %, while it has reached 19.4 % this year, thanks to our banking system which helped us control cash flow.”


Regarding the G24 meeting, Bahmani went on to say, “We also had a meeting with the G24 and the head of the IMF’s Middle East department, and they recognized our requests as logical and promised to take steps to solve these problems.”


The head of the Central Bank further added, “The Central Bank’s goal is to establish a single rate for foreign currency.”


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