Iran’s economy regaining balance after COVID-19 shock: Top banker

Tasnim – The Governor of the Central Bank of Iran said the country’s economy has begun to recover after the shock of outbreak of the coronavirus pandemic.

The initial report from the Central Bank of Iran on the economic growth in the first quarter of the current Iranian year (March 20- June 20) indicates that the country’s economy is regaining balance after the coronavirus shock, Abdonnaser Hemmati said on Monday.

“The country’s economic growth is promising in comparison with the countries that have not faced any sanctions and their economies have been struggling with the coronavirus alone,” he said.

Statistics show that Iran’s oil-free economic growth in the first quarter of this year stood at minus 0.6 percent, while the economic growth with oil was minus 2.8%, Hemmati said.

The negative economic growth compared to the corresponding period a year before is natural and attributed to the pressure of sanctions and a decline in global oil demands due to the outbreak of COVID-19, he added.

In August, President Hassan Rouhani highlighted his administration’s efforts to deal with the economic consequences of the US sanctions and the coronavirus pandemic while economic boom and stability was still high on the agenda.

Earlier in June, Rouhani said Iran has achieved a positive economic growth without reliance on petrodollars and despite being under the pressure of sanctions.