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The Organisation for Economic Cooperation and Development (OECD) has upgraded Iran\u2019s rating in the country risk classifications of the Participants to the Arrangement on Officially Supported Export Credits (CRE), moving it up one notch from 6 to 5.<\/p>\n
In a new report published in the wake of the OECD\u2019s Country Risk Classification\u2019s meeting on Friday, Iran managed to have its rating upgraded for a second consecutive year.
\n\u201cTill two years ago, Iran\u2019s rating in the country risk classifications stood at 7 which is the lowest in OECD\u2019s ratings. But since 2016, with the efforts by the Organization for Investment Economic and Technical Assistance (OIETA) as well as Iran\u2019s Foreign Ministry and Export Guarantee Fund of Iran (EGFI), the country managed to take long strides in economic progress upgrading its risk classifications from 7 to 6 in 2017,\u201d a Farsi report by Khabar Online said.
\nThe highest rating which Iran has recorded in the country risk classification is 4, which was made more than a decade ago.
\nIran\u2019s Minister of Industry, Mohammad Shariatmadari, said before the signing of the Joint Comprehensive Plan of Action (JCPOA) between Iran and the six powers in 2015 that Iran\u2019s rating had declined to 7 which inflicted heavy blows on the country\u2019s economic exchanges with the outside world.
\nThe Iranian minister also noted that the rating moved up to 6 in 2017 following the implementation of the JCPOA. \u201cNow with a further notch for the second consecutive year, our rating has reached 5 in 2018.\u201d
\nThe Organization for Economic Cooperation & Development Country Risk Classification measures the country\u2019s credit risk and the likelihood that a country will service its external debt. The index uses a scale of eight risk categories to determine a country\u2019s credit risk.
\n\u201cReports by the International Monetary Fund on the economic conditions of countries, their foreign exchange reserves, capabilities to pay off external debts and financial records are among the main factors with a bearing on the rating of a country in the OECD\u2019s Country Risk Classification,\u201d the Iranian minister says.
\nAccording to Shariatmadari, Iran\u2019s new rating plays a significant role in attracting foreign investments and improving the country\u2019s status and image at the financial and international arenas.
\nFor his part, the Governor of Central Bank of Iran Valiollah Seif praised Iran\u2019s new upgrade saying the upgrade is the results of hard efforts by the government, banking system and businesspeople.
\nIn a message on his Twitter account, Seif called for further coordination between all related economic organizations in Iran adding that the country should prepare itself for further economic reforms in future.
\nMeanwhile, Deputy Head of Export Guarantee Fund of Iran, Arash Sharaini, described the upgrade \u201ca positive signal from the Europeans and a further indication of their interest in continued engagement with Iran within the framework of the nuclear deal.\u201d
\nIn an interview with the English-language Financial Tribune Daily, he added the upgrade reduces the cost of attracting foreign finance, and \u201cas a result helps us increase our foreign exchange reserves.\u201d
\nHe underlined that Iran deserves a higher classification namely 3, or even 2 due to its reserves and low external debt.
\nAccording to a report by the International Monetary Fund released in February 2017, Iran\u2019s official reserves were projected at $123.5 billion in 2016-17. Meanwhile, \u201cthe country\u2019s total debt to GDP stood at 2.2%, which is lower than any other country in the world. Iran also recorded the highest economic growth in the world according to the global lender\u2019s 2016 report \u2013 12.5%.
\nSince the implementation of JCPOA in 2016, Iran has clinched several foreign finance contracts including two agreements worth $25 billion with China Development Bank and CITIC Trust, a no-cap deal with Russia\u2019s Exim Bank, a \u20ac5 billion deal with Italy\u2019s Invitalia Global Investment, a \u20ac1 billion deal with Austria\u2019s Oberbank, a \u20ac500 million deal with Denmark\u2019s Danske Bank and two contracts worth \u20ac13 billion with South Korea\u2019s Exim Bank and K-Sure.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Organisation for Economic Cooperation and Development (OECD) has upgraded Iran\u2019s rating in the country risk classifications of the Participants to the Arrangement on Officially Supported Export Credits (CRE), moving it up one notch from 6 to 5. In a new report published in the wake of the OECD\u2019s Country Risk Classification\u2019s meeting on Friday, […]<\/p>\n","protected":false},"author":2,"featured_media":2526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[747],"tags":[756,757,758],"yoast_head":"\n