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Iran’s oil exports value decreases by $40B

Business Materials 21 October 2019 10:39 (UTC +04:00)

Baku, Azerbaijan, Oct. 21

By Elnur Baghishov - Trend:

The value of Iran’s annual oil exports has decreased by $40 billion, Governor of the Central Bank of Iran Abdolnaser Hemmati said at a meeting with representatives of the Iranian Chamber of Commerce, Industries, Mines and Agriculture, Trend reports citing IRNA.

In these conditions, the demand for foreign currency in Iran should be limited, Hemmati said.

At one time, Iran’s oil exports stood at $40-50 billion a year, the director noted, adding that it was possible to use those resources when necessary.

The Iranian banker added that while oil exports declined, the funds allocated for Iran’s exports of non-oil products increased.

Hemmati said that over the past seven months of this Iranian year (began March 21, 2019), Iran has invested more than $20 billion in product imports.

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