TEHRAN – The Bank for International Settlements (BIS) has announced a seven-percent growth in Iran's deposits with foreign banks and financial institutions during the third quarter of 2022, as compared to the Q3 2021, IRNA reported.

According to the BIS’s latest report, Iran's deposits with foreign banks and financial institutions at the end of the Q3 2022 were $18.586 billion.

The Islamic Republic’s deposits with foreign banks and financial institutions at the end of the Q3 2021 stood at $17.447 billion.

As reported, of Iran's total deposits with foreign banks and financial institutions at the end of the third quarter of 2022, $9.848 billion were with foreign banks and the rest with non-banking financial institutions.

Based on the BIS data, 40 percent of Iran's foreign deposits, equal to $7.396 billion, were in the form of Euros in the mentioned period, the share of the dollar is $270 million and equal to $1.403 billion is also in the form of the Japanese yen.

According to the BSI report, Iran's commitments to foreign banks and financial institutions at the end of the third quarter of 2022 also faced a 27-percent growth compared to the same period in 2021 and reached $1.865 billion. Iran's commitments to these banks in the third quarter of 2021 amounted to $1.462 billion.

Iran's total financial transactions with foreign banks and financial institutions at the end of the third quarter of 2022 also increased by eight percent compared to the same period of the previous year and reached $20.451 billion. In the same period of 2021, Iran's foreign exchanges were reported to be $18.909 billion.

The Islamic Republic’s total financial transactions with banks and financial institutions of 44 countries across the globe were valued at $19.963 billion in the first six months of 2022.

The Bank for International Settlements is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks".

EF/MA