حساب ذخيره ارزي ، مباني ، تجربه كشورها وعملكرد ايران

The Exchange Reserve Account: The Foundation and Experience in some Countries and Performance of Iran

This paper studies the foundation and experience in some countries and performance of Iran in saving and investing petroleum funds. In Iran this is called "The Exchange Reserve Account of Petroleum Revenues" (ERAPR). An important part of revenues of government in Iran is directly tied to crude oil export. Since world oil prices are very volatile, This is the case for Iranʹs fiscal revenues as well. Such volatility of fiscal revenues is undesirable, especially for growth, stability, competitiveness, inflation and public sector structure and share. Some countries as Norway, Kuwait, Venezuela as well as some states and provinces like Alaska (USA) and Alberta (Canada) have stabilised funds that have been successful. ERAPR in Iran was established based on article 60 in 3rd Five-Year Development Plan. This account is full of advantages and disadvantages at this duration (2000-2004).we survey empirically the performance of other countries and Iran on this subject. We fmd that although this account is useful but not efficient. We believe that this account must change and improve to a fund formation that is called Iranʹs Saving and Investment Fund (ISIF). This form is an institute not an account. This fund has ability to change oil revenues from capital asset to financial asset and then it can do portfolio management subject to return and risk. Finally government can use only return of fund not these assets. These returns can be used in two forms that first is convenience project and second is aim project.