BAKU, Azerbaijan, November 1. The foreign assets of Iranian banks and financial institutions increased by 138 percent by the end of the sixth month of the current Iranian year (September 21, 2024) compared to the end of the same month last year (September 22, 2023).
The data obtained by Trend from the country's Central Bank shows that the value of foreign assets in Iranian banks and financial institutions amounted to 62 quadrillion rials (about $140 billion) by the end of the sixth month of the current Iranian year. This figure stood at 25.2 quadrillion rials (about $56.7 billion) by the end of the same month last year.
According to statistics, the total domestic and foreign assets of Iranian banks and financial institutions amounted to 212 quadrillion rials (about $477 billion) at the end of the sixth month. The total assets of Iranian banks and financial institutions increased by 51.7 percent at the end of the sixth month compared to the end of the same month last year. The value of assets held by Iranian banks and financial institutions amounted to 140 quadrillion rials (about $315 billion) by the end of the same month last year.
To note, Iran was excluded from the SWIFT system in 2018 when the US imposed sanctions on Iran over the country's nuclear program. Iran's withdrawal from this system posed serious problems for the country's dealings with global banks. It left Iranian banks' branches and real estate in many countries practically untapped.