TEHRAN - Foreign exchange reserves at Iran's Bank Mellat has more than doubled from $1.7 billion last year, the managing director of the bank stated.
Ali Divandari said despite global sanctions, foreign currency based assets of the bank have increased by 62.5 percent, to reach $6.5 billion from $4 billion in the preceding year, the Borna news agency reported on Tuesday.
Bank Mellat has been fully privatized, Divandari said, adding that the bank's capitals will increase to $2 billion in the next Iranian year (to begin March 21).
In November 2009, the U.S. Treasury Department announced sanctions against the Malaysian subsidiary of Bank Mellat.
The Treasury Department claimed Bank Mellat ""has facilitated the movement of millions of dollars for Iran's nuclear program.""
But, Iranian Deputy Economy Minister Asghar Abolhasani reacted to the decision, criticizing Washington for imposing sanctions on the bank "without providing any corroborative justifications."
According to Abolhasani, the move is just a pretext to exert pressure on Iran over its uranium enrichment activities.
© Tehran Times 2010
