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(Center for Iranian Studies-Turkey) According to an International Monetary Fund (IMF) report released in April 2021, Iran's foreign exchange reserves had regressed to $4 billion by the end of 2020 from $122 billion in 2018, when the U.S. withdrew from the Iran deal. The drop in oil prices and the fall of Iran's oil exports by up to 70-80% due to U.S. sanctions have hastened the decline of its foreign exchange reserves. In addition, Iran suffers from capital flight overseas. According to a report of the Iran Chamber of Commerce, Industries, Mines and Agriculture, in the last three years, the cash outflow to third countries by Iranian citizens to purchase property or start an enterprise is equal to $100 billion.2021-07-12 00:00:00Full Article
Iran's Foreign Reserves Collapsed from $122 Billion in 2018 to $4 Billion in 2020
(Center for Iranian Studies-Turkey) According to an International Monetary Fund (IMF) report released in April 2021, Iran's foreign exchange reserves had regressed to $4 billion by the end of 2020 from $122 billion in 2018, when the U.S. withdrew from the Iran deal. The drop in oil prices and the fall of Iran's oil exports by up to 70-80% due to U.S. sanctions have hastened the decline of its foreign exchange reserves. In addition, Iran suffers from capital flight overseas. According to a report of the Iran Chamber of Commerce, Industries, Mines and Agriculture, in the last three years, the cash outflow to third countries by Iranian citizens to purchase property or start an enterprise is equal to $100 billion.2021-07-12 00:00:00Full Article
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