Iranians holding $70bn in hoarded currency and gold: Expert
A senior economic expert says Iranians have hoarded more than $70 billion worth of hard currency and gold to protect their assets against inflation.
Gholamreza Mesbahi Moghaddam said on Tuesday that Iran has to introduce lucrative investment plans in its petroleum industry to allow hoarded currency and gold to flow back into the economy.
“We are after receiving loans of around $5 billion from (international) economic institutions while some $70 billion is being held by people outside of the national economic cycle,” said Mesbahi Moghaddam.
The remarks were made during an economic forum organized by Iran’s stock market authority to explore investment and funding solutions for major economic projects in the country.
Mesbahi Moghaddam, a senior cleric who is a member of Iran’s Expediency Council, said that Iranian banks can launch investment funds tied to petroleum projects in the country to attract hoarded currency and gold.
He said that the value of currency and gold held by people is worth nearly half of the entire capital market in Iran which covers 800 companies at a value of around 95,000 trillion rials ($140 billion based on the official market exchange rate).
“A part of that hoarded money can return to the manufacturing and trade cycle if investment in manufacturing projects is profitable and the economic situation becomes stable,” said the cleric.
Iran has seen high but controlled inflation levels in recent years, prompting people to buy US dollars or gold to protect their savings.
Currency and gold hoarding surged for a short period late last year amid military tensions between Iran and the Israeli regime.
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