Iran's Oil Stabilisation Fund had $23.3 billion in 2006, a 142 percent rise on the previous year, a state news agency said on Monday. The fund grew by an average 25 percent a year since it was set up in 2000, ISNA said, barring a drop in 2001. It said the account accumulated $666 million in interest by 2006 and that most of the Fund's lending was for industrial projects.
Figures since 2006 have not been published. Iran, the world's fifth largest oil exporter whose economy is heavily oil-dependent, set up the reserve fund in 2000 to help protect the economy from market fluctuations. Oil revenues above those planned for in the national budget are placed in the fund, which critics say the government has misused, squandering windfall revenues during the oil price rise from 2002-8.
Corruption was an issue during this year's tense Iranian presidential election, which was followed by street protests by supporters of opposition candidates put down by police. Iran's economy has been hit by the fall in oil prices over the past year and Iran could face more UN sanctions because of Western opposition to its nuclear energy programme, championed by President Mahmoud Ahmadinejad.