Iran spent $62b on imports of basic goods, medicine since March: CBI

The governor of the Central Bank of Iran (CBI) said the country has spent $62 billion on imports of basic goods and medicine since March 21.

Abdolnaser Hemmati said that the country would face no shortage or overpricing of staple foods and medicine in the months to come despite sanctions imposed by the US which have affected government finances while impeding access to vital medication, Press TV reported.

“The price of these data-x-items in the country should not increase,” said Hemmati. “We have strategic stocks which are in place and secured for a rainy day.”

He said that nearly $150 billion were dedicated to imports over the past five months despite massive “disruptions” caused by US sanctions in Iran’s banking relations with the rest of the world.

“Fearing the US, many countries have disrupted our banking networks and keep preventing our access to financial services,” said the chief banker.

Hemmati said last week that the overall amount of imports into Iran, mainly basic goods and foodstuffs, had increased by more than 60 percent this year as the government seeks to eliminate any chances that US sanctions could have a major impact on the daily lives of Iranians.

In his Monday interview, Hemmati said that Iran had managed to cut its foreign debt by nearly a fourth, from $12.4 billion in early 2018 to $9.5 billion this year.

He said Iran’s macroeconomic indicators were improving thanks to the fact that the national currency, the rial, had stabilized compared to when the sanctions started in November.

source: Iran Daily