News ID: 260503
Published: 0334 GMT October 20, 2019

CBI governor: Iran lowering dependence on oil revenues

CBI governor: Iran lowering dependence on oil revenues

Governor of the Central bank of Iran (CBI) Abdolnaser Hemmati announced that the country has further reduced its reliance on oil revenues to bring the share of the income earned though crude sales in the budget to less than 30 percent.

“Oil has had the major share of production and exports in Iran’s economy for 50 years, but today less than one-third of the exports is related to oil,” Hemmati wrote on his Instagram page, reported Fars News Agency.

He reiterated that Iran’s economic growth had been greatly affected by the oil sector, but now the situation has changed.

“The CBI will be able to create stability in non-oil sector by adopting monetary and currency policies,” the CBI governor added.

In August, Iranian Vice President Es’haq Jahangiri and Head of the Management and Planning Organization Mohammad Baqer Nobakht said that his country is determined to draft its new budget bill with zero-dependence on oil revenues in a bid to disappoint the US with its maximum pressure campaign against Tehran.

Following the US’ unilateral withdrawal from the Iran nuclear deal last year, US President Donald Trump's administration went ahead with re-imposing sanction on Iran, targeting the country’s energy and banking sectors, and stepping up efforts to drive Iran’s oil revenues to zero.

In April, the White House announced its decision not to renew waivers that allow eight countries, including China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey, to buy Iranian oil without facing US sanctions.

 

Meanwhile, Iran said with or without waivers, the country’s oil exports will not fall to zero under any circumstances. At the same time, the country is making efforts to reduce its reliance on oil revenues and instead turn its focus on non-oil production and exports.

   
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