Non-oil exports booming as pandemic subsides

Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati said the country’s non-oil exports are improving following a downtrend of the coronavirus cases in the country, IRNA reported.

As the coronavirus pandemic subsides, the country's non-oil exports are reviving and booming,” Hemmati wrote in an Instagram post on Tuesday.

“Today, during a meeting of the Government's Economic Coordination Headquarters in the presence of the president, the government's plans for the expansion of non-oil exports and providing foreign currency for the country's imports in the [current Iranian calendar year] 1399 (started on March 19) were examined and good decisions were made,” the official said.

The acting minister of industry, mining, and trade also presented a report on predicting the rate of non-oil exports with a focus on neighboring countries, the CBI governor added.

"During the session, I explained the central bank's various methods for returning exporters' earned foreign currency to the economic cycle," he added.

A good opportunity has emerged for a surge in national production, prevention of unnecessary imports, and development of non-oil exports, which will be achieved with the help of God Almighty and the efforts of the country’s producers and businessmen, he maintained.

Eerier this month, Hemmati said the CBI access to its financial resources abroad has been improving.

Mentioning the problems caused by the coronavirus outbreak and the preventive measures taken by neighboring countries which resulted in the closure of border terminals, Hemmati noted that the situation will become normalized with the gradual reviving of non-oil and oil exports.

“Over the past 50 days, more than $2.5 billion has been provided by the central bank and non-oil exporters, about 50 percent of which has been supplied through the NIMA system [Iran's domestic Forex Management Integrated System],” he said.

Increasing non-oil exports to the neighboring countries is one of the major plans that the Iranian government is pursuing in the current Iranian calendar year.

source: TehranTimes