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Iran sees reduction in reliance on oil exports - Iranian president

Business Materials 5 May 2021 13:38 (UTC +04:00)
Iran sees reduction in reliance on oil exports - Iranian president

TEHRAN, Iran, May.5

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Iran's budget reliance on oil export has declined to 8 percent in the last Iranian year (started March 20, 2020), said the Iranian President.

The Plan and Budget Organization report indicates that last Iranian year was one of the most difficult years in Iranian history, said Hassan Rouhani, Trend reports citing IRNA.

"Our budget reliance on oil and condensate export was 2 percent and relying on oil and oil products export was 6 percent that means our total budget reliance on oil sale was 8 percent which was unprecedented," he noted.

President went on to say that while there was a difficult situation and we are challenged by sanctions and Coronavirus, the government has assisted pensioners and workers in the last Iranian year.

"About $142 billion has been paid as a loan, interest-free loan, Justice Shares during last Iranian year. While it was expected that government would sell $2.8 billion of its public shares to help the budget deficit we sold $8.3 billion," Rouhani added.

He also stressed that the Central Bank of Iran has an important duty and is doing a great job to reduce foreign currency rate and national currency value increases which means reducing inflation leads to people purchasing their needed items with fairer price.

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