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Iran economy minister:

Rise in oil revenues contributes to rial value stability

Oct 25, 2023, 1:30 AM
News ID: 805159
Rise in oil revenues contributes to rial value stability

EghtesadOnline: Iran’s minister of economic affairs and finance on Tuesday said the increase in revenues earned from oil exports is among the reasons for foreign exchange (Iranian rial vs foreign currencies) market’s stability.

Speaking in a news conference, Ehsan Khandouzi added the government’s economic headquarters plans to control the forex market and the Central Bank of Iran (CBI) can do the job.

The 13th administration has given priority to promote economic diplomacy and boost relations with neighboring states with the aim of increasing trade and investment and minimize the impacts of sanctions on economy, said the minister.

When the effects of sanctions wear off, Iran enjoys a higher position and has more bargaining power in talks with Western countries such as negotiations on the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), Khandouzi continued.

The country has witnessed economic growth over the past two years, he continued, adding that the economic growth has also created job opportunities during the period.

He, however, added unemployment jumped at some junctures although the economic growth was positive.


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