BAKU, Azerbaijan, Dec. 30
By Elnur Baghishov - Trend:
Iran's petrochemical industry plays a key role in providing country with foreign currency revenues, Director General of the Central Bank of Iran Abdul Nasser Hemmati said.
Hemmati made the remark at the event in Iran with representatives of the petrochemical companies, Trend reports referring to Shana news agency.
“Iran needed $29 billion to meet its needs for products and these funds were provided despite pressure and the US sanctions,” the director general added.
Hemmati added that 20 percent of those funds were provided through the petrochemical sector.
"At the same time, the share of the petrochemical sector was about 53 percent in the NIMA system," the director general said.
“As of the end of the fifth month (until August 22), the petrochemical companies fulfilled the commitments related to the revenues obtained as a result of export by 92 percent and this figure was accepted by the Central Bank,” Hemmati said.
Hemmati said that as a result of this process, the petrochemical sector may play an effective role in Iran's trade turnover.
The US imposed sanctions on Iran in November 2018 and expanded the list of sanctions in several stages.