ISSN 2330-717X

Iran Expects Major Breakthrough In Hard Currency

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Iran’s First Vice-President Mohammad Reza Rahimi said Saturday the country will see a breakthrough in foreign exchange reserves soon.

The ups and downs in the exchange rates in the country stemmed from the sanctions imposed by the European Union on the Central Bank of Iran (CBI) recently, the Islamic Republic News Agency (IRNA) quoted Rahimi as saying.

However, the strains in this regard will come to an end soon and the anticipated major breakthrough will stun the Europeans, he said without elaborating.

Rahimi only noted that the close cooperation between the Iranian government and the exporters aims to prod the country’s exports.

The value of Iran’s non-oil exports will top USD 45 billion by the end of the current year (Persian lunar calendar), on March 20, he expected, noting that the projected figure for the next year is USD 60 billion.

Last week CBI Governor Mahmoud Bahmani said Iran has no problem in terms of foreign currencies since the total volume of its imports amounts about USD 70 billion while the oil income stands at USD 90 billion annually.

The CBI set the exchange rate of the Iranian riyal (IRR) against the US dollar at IRR 12,167 in a bid to put a cap on the rising rates of the foreign currencies.

KUNA

KUNA

KUNA is the Kuwait News Agency

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