Iran plans to achieve big economic development

Finance Materials 2 February 2021 22:11 (UTC +04:00)

BAKU, Azerbaijan, Feb. 2

By Elnur Baghishov – Trend:

There will be great growth in economic development and employment, if Iran has a financial provision of 14 quadrillion rials (about $333 billion) in the next Iranian year (from March 21, 2021, to March 21, 2022), Minister of Finance and Economic Affairs of Iran Farhad Dejpasand said, Trend reports citing the ministry.

He made the remark in a meeting of Iran’s Public-Private Dialogue Council.

The minister noted that the capital market in Iran provided financial security worth 5 quadrillion rials (about $119 billion) during the first 10 months of the current Iranian year (March 20, 2020, through January 20, 2021).

Dejpasand added that while in the last Iranian year (from March 21, 2019, to March 20, 2020), the capital market provided financial security worth 2.64 trillion rials (about $62.8 billion).

"A plan must be developed for the capital market to achieve this goal in the next Iranian year," he said.

The minister stressed that during the Islamic Revolution in Iran (1979), the exports of non-oil products accounted for only 2 percent of Iran’s total exports. Despite US sanctions against Iran at present, Iran's non-oil exports have grown significantly and are many times greater than Iran's crude oil exports.

The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. As a result of these sanctions, Iran's exports of crude oil and gas condensate have decreased.

As reported, Iran exported daily 600,000-700,000 barrels of crude oil in the current Iranian year (began March 20, 2020).

Iran exported 94.5 million tons of goods worth about $28.1 billion during the first 10 months of the current Iranian year (from March 20, 2020, through January 20, 2021).