Iran eyes further development of oil-for-goods trade

TEHRAN, Oct. 24 (Xinhua) -- The governor of Iran's central bank has announced plans to increase the use of oil-for-goods agreements between Iran and other countries, official news agency IRNA reported Saturday.

"The use of barter exchanges of oil for basic goods essential for the country will be expanded, along with current trade methods, to increase the volume of foreign trade and for a better usage of domestic production facilities," said Abdolnaser Hemmati on Friday through social media.

The central bank and the secondary market have supplied foreign currency with an approximate value of 18.5 billion U.S. dollars since the beginning of the new Iranian year on March 20, Hemmati noted.

The foreign currency was provided under the impact of the coronavirus outbreak on Iranian exports and the falling price of oil and its derivatives, he said.

Nevertheless, Iranian oil and derivative exports have started a growing trend in the past few months, and non-oil exports also accelerated, creating a better environment for the necessary foreign currency supply in Iran, Hemmati added.

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