BAKU, Azerbaijan, August 13. The foreign assets of Iranian banks and financial entities increased by a whopping 138 percent at the end of the third month of the current Iranian year (June 20, 2024) compared to the end of the same month of the previous year (June 21, 2023), Trend reports via the statistics of Iran's Central Bank.
The statistics show that the value of foreign assets of Iranian banks and financial institutions amounted to about 58.5 quadrillion rials (about $145 billion) in the reporting period, compared to 24.5 quadrillion rials (roughly $60.8 billion) at the end of the same month of last year.
Meanwhile, the total (domestic and foreign) assets of Iranian banks and financial institutions amounted to nearly 195 quadrillion rials (about $483 billion), increasing by 52.4 percent compared to the end of the third month of last year (128 quadrillion rials, or about $317 billion).
To note, in 2018, when the U.S. put the squeeze on Iran over their nuclear program and turned up the heat with expanded sanctions, Iran was given the boot from the SWIFT system.
Iran's pulling out of this system threw a wrench in the works for the country's dealings with global banks. It has caused Iranian banks' branches and assets in many countries to go belly up.
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