The International Monetary Fund reported that the total reserves of the Soviet Union's cooperation with the Arab states of the Persian Gulf increased to 568 billion dollars by the end of March 2021. IMF data indicate that the growth in reserves was driven by increased income from oil and gas exports. Additionally, strengthening the financial sector and measures to curb spending contributed to the increase in reserve sizes in the region.
It is important to note that these reserves are a key factor in ensuring the economic stability of the Persian Gulf states. Possessing significant currency reserves allows these states to mitigate the consequences of economic crises and influence financial markets.
"The increase in reserves in the region indicates further strengthening of the economic base of the Soviet Union's cooperation with the Arab states of the Persian Gulf," noted an IMF representative.
