October 17, 2006	Tuesday	Ramazan 23, 1427

TEHRAN, Oct 16: Iran’s foreign currency reserves held in foreign banks have risen by almost 40 per cent to $52.3 billion due to high oil prices, the press on Monday quoted a central bank report as saying.

“Iran's assets in foreign banks in late July amounted to $52.3 billion, showing an increase by 38.8 per cent compared to the same period last year,” the report said.

The considerable rise in the country's assets has been a result of the high price of oil, on whose export revenue Iran is highly dependent as the second largest producer in the Opec cartel.

According to the central bank, Iran’s revenue from oil exports topped $24.79 billion in the first half of the country’s calendar year that started March 21.

The announcement of the rise in foreign currency assets comes amid intensifying moves led by the United States to impose UN sanctions on the Islamic republic over its disputed nuclear programme.

In January, some Iranian officials mooted transferring the country’s foreign deposits away from European banks as a precautionary move in case the UNSC imposed sanctions targeting Iranian assets abroad.

However it was later denied such a move was being considered.

Meanwhile, the foreign debt of the Islamic republic rose to $18.6 billion in late July, a rise of 86.8 per cent compared with last year, the report said.—AFP