Financial and Banking News


Iran Runs Down Its Reserves

After a period in 1984-85 in which Iran succeeded in in- creasing its foreign reserves despite the depredations of the Gulf war, the effect of last year's sharp decline in oil revenues has finally shown up in official data, with a $2.6bn draw down of foreign bank deposits recorded during 1986. Figures recently released by the Basle-based Bank for International Settlements (BIS) which record holdings of...