Iran's Western Assets Up $3bn in 6 Months
December 6, 2000 - 0:0
LONDON Iran deposits with Western banks rose to 11.1 billion at the end of June, up by nearly $2 billion in the previous three months and by $3 billion since the beginning of 2000, according to the Bank of International Settlement.
The latest report from the Basle-based bank also shows a further decline in the country's liabilities to $7.5 billion in the first half of the year, down from $8.2 billion at the end of 1999.
Iran's assets with OECD banks have now risen by nearly $5 billion since the end of 1998, leaving a surplus of $3.6 billion compared with a deficit of $2.5 billion 18 months earlier.
The improved performance in Iran's reporting position coincides with the turnaround in crude oil prices, which have soared to over $30 per barrel (dpb) after collapsing to below 10 dpb at the beginning of 1999.
Other oil producing countries in the Persian Gulf have recorded more mixed positions, without making any progress on cutting down Western debts built up while oil prices were low.
The Bank of International Settlement shows Kuwait increasing its assets from $15.3 billion at the end of 1998 to $18 billion by the end of June 2000, but only marginally reducing its liabilities from $8.2 billion to $7.8 billion.
During the same period, Saudi Arabia's debts with OECD banks have stayed around $25 billion, while its assets have yet to recover after falling from $68.5 billion to $48 billion.
(IRNA)
The latest report from the Basle-based bank also shows a further decline in the country's liabilities to $7.5 billion in the first half of the year, down from $8.2 billion at the end of 1999.
Iran's assets with OECD banks have now risen by nearly $5 billion since the end of 1998, leaving a surplus of $3.6 billion compared with a deficit of $2.5 billion 18 months earlier.
The improved performance in Iran's reporting position coincides with the turnaround in crude oil prices, which have soared to over $30 per barrel (dpb) after collapsing to below 10 dpb at the beginning of 1999.
Other oil producing countries in the Persian Gulf have recorded more mixed positions, without making any progress on cutting down Western debts built up while oil prices were low.
The Bank of International Settlement shows Kuwait increasing its assets from $15.3 billion at the end of 1998 to $18 billion by the end of June 2000, but only marginally reducing its liabilities from $8.2 billion to $7.8 billion.
During the same period, Saudi Arabia's debts with OECD banks have stayed around $25 billion, while its assets have yet to recover after falling from $68.5 billion to $48 billion.
(IRNA)