BAKU, Azerbaijan, Mar.9
Trend:
Iran's oil revenues during 11 months of the current Iranian year (started March 20, 2020) was far less than oil export revenues in last Iranian year (started March 21, 2019), said Iran Minister of Economic Affairs and Finance.
"The oil export revenues was around $2.3 during 11 months of the current Iranian year billion. Previously financing the import of commodities was mostly relied on oil export revenues, but there have been talks of reducing budget reliance on oil export and following the impose of sanctions the non-oil budget has become operational," said Farhad Dejpasand, Trend reports citing ILNA.
The share of oil revenues in the $125 billion budget in the current Iranian year was little which indicated the role of oil has reduced considerably.
"Although the banking system has succeeded to have a proper role in providing finance in the economy it does not have expanding power that is suitable for 8 percent economic growth, therefore, I have tried to create a new corridor and boost the existing ones to provide finance to the economy," he noted.
"Utilizing capital market is one of the main corridors in providing finance, the capital market has grown in 2019 and continued during early current Iranian year but it faced fluctuation in August 2020 and the market was unstable that has many reasons," he added.
"The capital market has provided about $119 billion financial resources that were used for the economy via sale of government's and other public organization's shares and debts on stock exchange," he said.