News ID: 266962
Published: 0602 GMT March 17, 2020

CBI governor: Iran’s non-oil economic growth positive

CBI governor: Iran’s non-oil economic growth positive

Domestic Economy Desk

Iran has managed to stimulate growth in the non-oil sector of its economy in the current Iranian calendar year (started in March 2019), said the country’s top banking official.

Abdolnaser Hemmati, the governor of the Central bank of Iran (CBI), added this was achieved in the light of the effective policies adopted by the Iranian government in the year designated as the “Year of Boosting Domestic Production” by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei, IRNA reported.

Iranian exporters of non-oil products injected $24.4 billion into the domestic economy since March 2019, which is a remarkable record, he said, adding since February 19, some $1.5 billion has been supplied to the market through Iran's domestic Forex Management Integrated System (locally known as NIMA).

 “Nevertheless, we reserve our right to work toward releasing our assets currently frozen by foreign banks,” The CBI governor said.

He said in the year to March 2019, Iran saw negative growths in the oil and non-oil sectors of the domestic economy, adding this year, however, the outstanding work by different domestic organizations to increase the country’s production yielded favorable results and Iran witnessed positive growths in both sectors in autumn.

Hemmati also put at 3.3 percent the economic growth experienced by the non-oil sector in the autumn of 2019.

Commenting on the fluctuations that have occurred in the domestic forex market in the past few days, he blamed the psychological impacts of the new coronavirus spread in the country, giving assurance that the CBI’s foreign currency resources are substantial.

The new epidemic, a respiratory disease also known as COVID-19, emerged in the central Chinese city of Wuhan in Hubei Province late last year. The virus has infected more than 180,000 people worldwide and killed over 7,000.

Close to 70,000 people worldwide have recovered after being infected, according to

In Iran, the rapid spread of coronavirus has infected some 14,000 people and killed 853, according to official figures released on Monday.

“We will calmly restore stability to the domestic foreign currency market and will adopt new forex policies next year. The CBI is in control of the market,” the CBI governor said.

Hemmati said the liquidity growth in the current year has been close to 29 percent, which is a remarkable figure.


Resource: IRNA
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