TEHRAN – The Bank for International Settlements (BIS) has announced a 13-percent growth in Iran's deposits with foreign banks and financial institutions during 2022, as compared to 2021, IRNA reported.

According to the BIS’s latest report, Iran's deposits with foreign banks and financial institutions at the end of 2022 exceeded $21 billion.

The Islamic Republic’s deposits with foreign banks and financial institutions in Q4 2022 amounted to $19.804 billion.

According to BIS, Iran’s deposits abroad stood at $17.558 billion at the end of 2021.

As reported, of Iran's total deposits with foreign banks and financial institutions at the end of 2022, $11.114 billion were with foreign banks and the rest with non-banking financial institutions.

Based on the BIS data, equal to $8.59 billion of the Islamic Republic’s foreign deposits in the mentioned period were in the form of Euros while the share of the dollar was only $273 million.

According to the BSI report, Iran's commitments to foreign banks and financial institutions at the end of 2022 also registered a five-percent growth compared to 2021, reaching $1.768 billion.

As reported, of Iran's total financial commitments at the end of the fourth quarter of 2022, $876 million were related to foreign banks, and the rest included Iran's commitments to non-banking financial institutions.

Iran's total transactions with foreign banks and financial institutions also reached $21.572 billion in 2022 registering a 12 percent increase compared to the previous year. The country’s exchanges with foreign banks and institutions were reported to be $19.233 billion in 2021.

The Islamic Republic’s total financial transactions with banks and financial institutions in 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