Iran’s head of the central bank said non-oil exports are gaining momentum and booming following a decline in the country's coronavirus cases, according to Iranian News Agency (IRNA) on Wednesday.
Abdolnaser Hemmati’s remarks on his Instagram account came after a meeting over the government's plans to expand non-oil exports and on the provision of foreign exchange for the country's imports in 2020.
Hemmati said a report on predicting the rate of non-oil exports with a focus on neighboring states was submitted during the meeting.
Following a decline in the coronavirus pandemic in the country, Hemmati stressed an expected surge in national production by preventing unnecessary imports and with the development of non-oil exports.
Due to COVID-19, global oil demand continues to remain weak, putting downward pressure on crude prices.
The price of international benchmark Brent crude averaged $63 per barrel in the first quarter of 2019, but averaged $50 a barrel in the same period of 2020, showing a 20.6% decline.
By Sibel Morrow