Central Bank of Iran: dropping Iran's oil exports to zero - an “illusion”

Oil&Gas Materials 24 April 2019 13:08 (UTC +04:00)

Baku, Azerbaijan, April 24

By Elnur Baghishov – Trend:

It would be an “illusion” for Iran's oil exports to drop to zero, and the decline in oil exports should be compensated for, Abdolnaser Hemmati, Governor of the Central Bank of Iran, posted on his Instagram page, Trend reports.

Any reduction in oil exports, according to him, should be compensated for by saving, reducing costs, or by means of hidden income and subsidies.

Hemmati added that Iran's non-oil sector exports should be maximized.

"The Central Bank will regulate its currency policies in the form of additional incentives for exporters, in order to return the foreign currency earned from exports to the economic turnover," he said.

Hemmati said that this year (started March 21, 2019) is a decisive year for Iran. Therefore, the country's economic policies and methods of governance should be prepared and implemented based on the reduction of pressure on citizens.

The US imposed sanctions on Iran in November 2018. The US exempted 8 countries for 6 months from oil sanctions imposed on Iran. These countries continue to buy oil from Iran. The US announced that it will not extend the exemption period, which will end May 2.