Page 30 - IRANRptOct22

Iranian minister says $1bn export goal for Armenia ‘achievable’
An Iranian export goal of $1bn for Armenia is “achievable”, IRNA reported Iran’s Minister of Industry Mines and Trade Reza Fatemi Amin as saying in response to data showing the country’s exports to its small neighbour grew 20% y/y in last Persian year (ended March 20) to around $500mn.
Armenia is also important to Iran in that it is a strategic ally of Russia, with which Iran is also attempting to drive up trade—with new market share opportunities opening up given the withdrawal of so many Western traders and investors in response to Russia’s invasion of Ukraine—and borders Georgia, from where goods can be exported to Europe.
Fatemi Amin, after completing a visit to Armenian capital Yerevan, said that a contract has been signed for the production of Iranian home appliance brands in Armenia for sales in that country and beyond.
In early April, Hamed Forouzan, director-general for international affairs of the Iranian Ministry of Labour and Cooperatives, announced that Iran is to open a business relations centre in Armenia.
5.1.3 Gross international reserves
Cited IMF data shows Iran’s accessible FX reserves expanding 94% in year to date to $41bn
Iran’s official accessible FX reserves have expanded by some 94% in the year to date to $41.4bn from $21.3bn at the end of 2021, Tasnim News Agency reported on August 21, citing data released by the International Monetary Fund (IMF).
The IMF put Iran’s gross official reserves at towards $15bn in 2019 and $12.4bn in 2020, marking a huge decline from 2018’s $122.5bn. The steep descent came after former US president Donald Trump in May 2018 unleashed his “maximum pressure” campaign on Iran by imposing the “toughest ever” sanctions. The nosedive was caused by unilateral sanctions introduced by Washington that blocked Iran’s access to its funds held overseas through the international financial system, the IMF noted.
Iran’s fortunes in accessing its reserves appear to have improved with the arrival of Joe Biden in the Oval Office in January 2021. The Biden administration has eased off on Iran in comparison to the Trump White House, while it has sought to bring back the 2015 nuclear deal designed to curb the Iranian nuclear programme in exchange for the lifting of economic sanctions. The government of Iranian President Ebrahim Raisi, which took office in August last year, has meanwhile conducted active diplomacy to offset US sanctions. Part of that has involved lobbying sympathetic nations where Iranian funds are held to provide Tehran with access to the funds.
The IMF, according to Tasnim, also forecast that the value of Iran's GDP, when adjusted for purchasing power parity, or PPP, would move up from $1,436 trillion in 2021 to $1.573 trillion in 2022, ranking Iran 21st worldwide.
The Fund’s 2022 forecast for Iran’s GDP per capita, when adjusted for PPP, was $18,332, placing Iranians 66th on the world ranking, according to the Fund.
30 IRAN Country Report October 2022 www.intellinews.com