CBI chief, Hemmati: Less than one-third of exports is related to oil

The governor of the Central bank of Iran (CBI) has stressed that traditionally, oil has had a prominent place and accounted for a major share of production and exports in Iran's economy, at least for the past 50 years, but today less than one-third of Iran's exports is related to oil.

Iran PressIran news: The governor of the Central Bank of Iran (CBI), Abdolnasser Hemmati, wrote in his Instagram page: "Iran’s economic growth is strongly affected by the oil sector and the direct effect of the sanctions is to reduce the oil sector growth and reduce revenues for the government budget."

He went on to say that the CBI ( Central Bank of Iran) will be able to create stability in the non-oil sector by adopting appropriate monetary and currency policies.

According to an Iran Press report, Hemmati added: "Growth in the oil sector is exogenous and depends on production and oil exports."

Earlier the head of the Planning and Budget Organization Mohammad-Baqer Nobakht had said Iran had lost a significant part of its budget resources because of the tough sanctions, and it was necessary for the country to reform its budget structure so as to slash direct reliance on oil revenues to zero.

"It was necessary even under normal conditions to reduce reliance on oil revenues," he declared.

Nobakht also expressed hope that with the finalization of the reform of Iran’s budget structure, the government and the parliament would cooperate and interact so as to approve the plan and help the country get through this difficult period.

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