Economy Minister: Iran’s Oil Income Rises Five-Fold Despite U.S. Sanctions

Date: 28 August 2022 - 21:33

News ID: ۱۰۶۲۶۳

TEHRAN- Iranian Minister of Finance and Economic Affairs Ehsan Khandouzi said on Sunday that the country’s oil revenues have considerably increased compared to the last year, despite unrelenting U.S. embargos, and added that Tehran has considered two scenarios to govern the country if sanctions are lifted or remain in place.
In a press conference in Tehran, Khandouzi stated that Iran’s oil income has increased five-fold compared to last year and eleven-fold compared to the year before despite harsh Washington-led sanctions, raising hopes that many of the economic hardships in the country will soon be tackled.
He added the country witnessed a 22-billion-dollar leap in its exports this year.
The government’s economic spokesman also noted that the government has succeeded in reducing the runaway liquidity from an annual growth of 40.5 percent to 35 percent, an achilles heel of the Iranian economy.
He said the administration of Iranian President Seyed Ebrahim Raisi took over in a turbulent economic situation in August 2021, when the country had been hit hard by the coronavirus pandemic and the economy had been tied to the fate of the nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).
He added controlling the fundamental factors of inflation, promoting economic justice, and transparency in the government’s performance have been among the priorities of the current administration.
The economy minister, however, noted despite the achievements, the inflation index in Iran is still far from the government’s goal in the economic plan, and the government has taken several measures to reduce inflation.
Iran says it is selling its crude oil despite US sanctions and the revenues are returned to the country.