News ID: 257586
Published: 0500 GMT August 20, 2019

Iran spent $62b on imports of basic goods, medicine since March: Chief banker

Iran spent $62b on imports of basic goods, medicine since March: Chief banker

The governor of the central Bank of Iran (CBI) says the country has spent more than $60 billion on imports of basic goods and medicine since March, when the Iranian calendar year started.

Abdolnasser Hemmati said on Monday that the country would face no shortage or overpricing of staple foods and medicine in the months to come despite sanctions imposed by the US which have affected government finances while impeding access to vital medication, Presstv Reported.

“The price of these items in the country should not increase” Hemmati told Iran’s state TV, adding, “Of course we have strategic stocks which are in place and secured for the rainy day.”

He said that nearly $150 billion had been dedicated to imports over the past five months despite massive “disruptions” caused by US sanctions in Iran’s banking relations with the rest of the world.   

“Fearing the US, many countries have disrupted our banking networks and prevent our access to financial services,” said the chief banker.

Hemmati said last week that overall amount of imports into Iran, mainly basic goods and the foodstuff, had increased by more than 60 percent this year as the government seeks to eliminate any chances that US sanctions could affect the daily lives of the Iranians.

He said in his Monday interview that Iran had managed to cut its foreign debt by nearly a fourth from $12.4 billion in early 2018 to $9.5 billion this year.

He said Iran’s macroeconomic indicators were improving thanks to the fact the national currency rial had stabilized compared to when the sanctions started in November.



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