Azerbaijan, Baku, Jul.1/ Trend F.Milad/
The governor of Iran's central bank has said that the country will encounter economic sanctions of the West taking advantage of some $150 billion in foreign exchange reserves.
The Mehr News Agency quoted Mahmoud Bahmani as saying that although the West has banned financial transactions with the central bank of Iran, but the bank has prepared plans to deal with the sanctions.
Oil and non-oil exports amount to around $150 billion and this is an appropriate sum to overcome sanctions, he said.
EU foreign ministers agreed January 23 to a ban from July 1 on all imports of crude oil and petrochemicals from Iran, which last year exported an estimated 500,000 barrels per day of crude to the European market. The sanctions also ban dealings with the central bank of Iran and other state-owned financial institutions and banks, making it virtually impossible to transfer funds to Tehran.