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Central Bank of Iran provides funds for import of necessary commodities

Business Materials 16 March 2021 16:17 (UTC +04:00)
Central Bank of Iran provides funds for import of necessary commodities

BAKU, Azerbaijan, Mar.16

Trend:

The Central Bank of Iran has provided $10 billion for the import of necessary commodities in the current Iranian year (started March 20, 2020), said the Governor of the Central Bank of Iran.

"Despite the considerable decline of the government oil export revenue in current Iranian year the Central Bank of Iran succeeded to provide $10 billion for import of necessary commodities medicine, livestock inputs and basic material for production factories," said Abdulnaser Hemmati, Trend reports citing IRNA.

"The problem caused by the Coronavirus spread created extra pressure on the country's economy and created a hard situation for monetary policy. In this regard the Central Bank of Iran has assigned a $10 billion loans to support the economy that $6 billion of this sum belonged to families that were affected by Coronavirus," he said.

The country's economic growth during the past 9 months of the current Iranian year was 2.2 percent, and the increase indicates the start of new economic growth.

Hemmati went on to say that while the country's export revenue declined significantly and the economy faced Coronavirus shock, the average liquidity growth in the past three years was 30.3 percent that was only exceeded 2.8 percent comparing to the past 20 years.

"The Central Bank of Iran has held 41 bond sales with the help of Ministry of Economic Affairs and Finances and sold $27 billion bonds that prevented the liquidity growth. The implementation of open market operation as a new monetary policy in the current Iranian year was aimed by the Central Bank of Iran to control interest rate in the banking system and reformed banking imbalances," he said.

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