Iran’s Central Bank Reports 37% Growth in Gold Reserves, Trade Surplus Reaches $26.8 Billion
Speaking at the 53rd meeting of the Board of Governors of the Asian Clearing Union (ACU), Farzin outlined Iran’s latest economic performance and stabilization policies, stressing that the country had maintained resilience in the face of sanctions and regional security challenges.
According to the CBI governor, Iran’s trade surplus rose from $21 billion in 2023 to $26.8 billion in 2024, while the balance of payments surplus increased from $8.6 billion to $13.8 billion during the same period. These surpluses, he said, enabled the Bank to allocate resources toward gold purchases on global markets, positioning Iran among the top five central banks worldwide in gold acquisitions last year.
Farzin highlighted that the Central Bank’s policy framework has focused on three pillars since 2023: controlling liquidity growth, enhancing predictability in the economy and exchange markets, and revising regulatory measures. He said the CBI employed a mix of monetary tools—including open market operations, repo agreements, and interbank corridor mechanisms—alongside strict balance sheet controls on banks and credit institutions to curb money creation and stabilize the rial.
He further pointed to reforms in the foreign exchange market, including strengthening the role of Iran’s Currency and Gold Exchange Center, creating a dedicated commercial FX market, facilitating access to foreign currency for trade, and ensuring the return of export revenues into the domestic economy. These measures, he argued, not only stabilized the official exchange rate but also shielded essential goods from volatility in informal markets.
On macroeconomic indicators, Farzin noted that Iran’s GDP growth in 2024 reached 3.1 percent with oil and 3.0 percent without oil at constant 2021 prices. Growth was recorded across all major sectors: agriculture (3.6%), oil and gas (4.6%), industry and mining (2.4%), and services (3.3%), marking 20 consecutive quarters of positive economic expansion.
“The combination of monetary, fiscal, and foreign exchange policies has resulted in reduced liquidity growth, stabilization of the currency market, and improved investor confidence,” Farzin stated. He added that Iran has expanded its economic and financial cooperation with neighboring states, regional partners, ACU members, and BRICS countries despite ongoing sanctions.
The CBI governor concluded by expressing hope that the ACU meeting would deepen regional monetary and banking cooperation and further facilitate cross-border financial and trade exchanges.
Source: https://borna.news/en/