Page 20 - IRANRptAug20

5.0​ External Sector & Trade
5.1​ Balance of payments and current account
Russian, Iranian energy ministers discuss trade, investment, while Tehran officials talk of non-oil exports recovery
Russian Energy Minister Alexander Novak discussed trade ties and investment cooperation with Iranian counterpart Reza Ardakanian by telephone on May 29, Russia’s energy ministry said.
The ministers discussed cooperation in the energy, agricultural and transport sectors, it added.
Iran’s energy ministry stated on its website: “In this conversation, agreements were also reached on the purchase of some basic goods by Iran from Russia.”
Earlier in May, traders and Iranian officials cited by Reuters said Iran was scrambling to buy millions of tonnes of wheat, corn and soybeans to shore up its reserves, despite President Hassan Rouhani’s assertions that the coronavirus (COVID-19) crisis would not endanger food supplies to the Islamic Republic.
Central Bank of Iran (CBI) governor Abdolnasser Hemmati said last week that Iran’s non-oil exports were gaining momentum and “booming following the decline in the country's coronavirus cases”, according to Iranian News Agency (IRNA).
The collapse in oil prices has not hit Iran as much as other oil-exporting countries as its sales have been for the past year at a repressed—though unknown—level, and confined to the grey market, because of the US policy of using sanctions to attempt to drive all Iranian crude off world markets.
Hemmati’s posted his remarks on his Instagram account after a joint meeting with government officials over plans to expand non-oil exports and arrange foreign exchange provision for the country's imports across the remainder of 2020.
He added that a report on forecasting the level of non-oil exports, with a focus on neighbouring countries, was submitted during the meeting.
Hemmati anticipated that the “decline in coronavirus” and ending of lockdowns would produce a surge in national non-oil production and prevent the purchase
20​ IRAN Country Report August 2020 www.intellinews.com