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Iran has 3rd largest GOR in region, will sell oil in gray market

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Christian Fernsby ▼ | May 5, 2019
The International Monetary Fund (IMF) in its latest Regional Economic Outlook “Regional Economic Outlook: Middle East, North Africa and Central Asia” puts Iran’s Gross Official Reserves (GOR) at $108.3 billion for 2018, marking it the third biggest oil exporting country in terms of GOR.
Amir Hossein Zamaninia
Asia   Iranian Deputy Oil Minister Amir Hossein Zamaninia
According to the international body, despite the U.S. efforts to pressure Iran's economy, the country's foreign exchange reserves in 2019 will remain above $100 billion, and Iran will keep its position in the region.

The IMF sees Iran’s gross official reserves at $103.2 billion in 2019, falling $5.1 billion compared to 2018.

The data presented puts the total foreign exchange reserves of the region at $1148.6 billion, nine percent of which is Iran's share.

The foreign reserves of some other countries in the region include Algeria $55.6 billion, Bahrain $2 billion, Iraq $53.2 billion, Kuwait $37.2 billion, Libya $77.7 billion, Oman $16.1 billion, Afghanistan $8.4 billion and Pakistan $10 billion.

Iranian Deputy Oil Minister Amir Hossein Zamaninia announced on Sunday that Iran has mobilized all its resources to sell oil in a 'grey market', to circumvent illegitimate US sanctions against the country.

“We sell oil at a recently discovered grey market using all of our capacities,” he said, “This is not smuggling. This is countering sanctions which we do not see as just or legitimate."