Iran's foreign deposits shrink

The Bank for International Settlements (BIS) put Iran’s deposits with foreign banks at the end of the 3rd quarter of the previous year (September 22 to December 22, 2023) at about $12.7 billion, showing an over $5.3 billion decline compared to the same period in 2022, Report informs, citing Tasnim.

In its latest report, the bank said that Iran’s deposits with foreign finance-credit institutions and banks at the end of the 3rd quarter of 2023 reached $12.763 billion.

It fell by $5.3 billion compared to the previous year’s corresponding period.

Iran’s deposits with foreign finance-credit institutions and banks at the end of the 2nd quarter of 2023 (June 22 to September 22, 2023) stood at $18.63 billion.

Of Iran’s deposits at the end of the third quarter of 2023, over $10.624 billion was with foreign banks, $450 million with nonbanking finance-credit institutions, and the rest was with nonfinancial sectors.

Iran’s deposits with nonbanking finance-credit institutions had been reported at $7.327 billion at the end of the third quarter of 2023.

The BIS is headquartered in Basel, Switzerland, and the central banks in 63 countries of the world are members of the bank.