Official proposes method to help Iran’s economy under sanctions

Business Materials 15 November 2018 20:19 (UTC +04:00)

Baku, Azerbaijan, Nov. 15

By Elnur Baghishov - Trend:

Forex Management Integrated System (NIMA) of Iran's Central Bank implies that all contracts are carried out in exchange for money, but in most cases products can be offered instead, Saeid Askarzadeh, general secretary at Iron Ore Producers & Exporters Association of Iran (IROPEX), said in an interview with ISNA.

This method can help Iran’s economy in the period of sanctions, he noted.

One of the goals of IROPEX is to develop mining based on contracts where money transfer isn’t necessary, he said.

In the first seven months of the current Iranian year (started March 21, 2018), exports of ironstone, concentrate and pellets decreased in comparison with the same period last year, he said.

Iran additionally produces about 18-20 million tons of ironstone, Askarzadeh added.