Tuesday, September 27, 2022

Iran’s Forex Revenues Outstrip Expenses: President Rouhani

Iranian President Hassan Rouhani assured the nation that the country’s foreign exchange revenue far outstrips the spending, stressing that foreign exchange reserves will even grow in future.

In comments at a live televised speech on Monday night, President Rouhani gave an assurance that Iran’s foreign exchange revenue greatly exceeds the total foreign exchange costs, saying such earnings will definitely grow next year.

Dismissing speculations about a shortage of forex reserves, the president said Iran will have earned $90 billion in revenue by selling oil and non-oil products at the end of the current Iranian year (March 20).

The country’s total spending stands at around $75 billion, meaning that the revenue would exceed costs, he explained.

President Rouhani also deplored the persistent obstacles to Iran’s links with the regional and international banks that remain from the era of sanctions.

He also reaffirmed the administration’s commitment to contain the fluctuation in currency rates, underlining that the administration is not in favor of rising currency prices.

Early last year, the International Monetary Fund estimated Iran’s official foreign reserves at over $130 billion, while rising oil prices have increased them since then.

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