09 February 2008
"The Line Between Fiction And Reality! How Thin?"
To: "Der Spiegel" Weekly
Referring to your printed article dubbed; "IRAN: Taktisches Spiel?"(22.12.2007-page 103), please be advised that like all other central banks, the Central Bank (of the Islamic Republic) of Iran, CBI, runs no subsidiaries and is tasked with supervising the standards set for Iranian banks and their affiliates. CBI is maintaining a comfortable (fx) reserves position and prides itself over a clean record of default-free and timely fulfillment of all financial obligations worldwide by the Iranian banking system which comes despite all the politically-inspired pressures by state-run institutions. This, while on December 19th, 2007, internationally recognized rating agency Fitch "affirmed a stable out-look for the Islamic Republic of Iran's long-term foreign currency estimating that Iran's current account would remain in surplus even with an oil price as low as USD 50 /bl". Therefore, speculation on "hindering the fulfillment of financial undertakings by Iranian banks and their affiliates" is only an allegation which seems to have its roots deep in fiction rather than reality. The recent NIE report released in the United States and the subsequent outcomes thereof, also lend proof to the fact that the prudent international community has, more vividly and profoundly than ever, comprehended the biased nature of politically-oriented approaches adopted by state-run institutions which bear no legal grounds.
CBI asserts that as per all existing international regulations and financial standards, the Iranian commercial banks and their affiliates are, as ever, fully and irrevocably committed to fulfilling their financial undertakings worldwide. However, it goes without saying that all bankers are free to independently decide their adopted financial policies and preferred strategies within the framework of the existing standards and recognized practices; Iranian banks as well as their affiliates are no exception and shall continue to act in line with their financial obligations.
Thus, it is the wish of CBI that the distinguished "Der Spiegel" weekly would as ever maintain its high professional standards of journalism by publicizing the views of CBI on the above at their earliest and immediate convenience.
Public Relations Department
Central Bank of the Islamic Republic of Iran
Fax No.: +98 21 2225-7083