Central Bank of Iran says oil sales are on the rise and that petrodollars are coming back much easier.
“According to the latest information I have received, the Islamic Republic of Iran’s oil sales are gradually growing and the process of repatriating forex revenues has been facilitated,” said Abdolnaser Hemmati, Central Bank of Iran (CBI) Governor on Sunday.
Iran has been hard at work to bypass the US unilateral sanctions and sell its crude after the re-imposition of extraterritorial sanctions.
Iran’s Foreign Minister Mohammad Javad Zarif said on Saturday that Tehran will keep selling its oil under any circumstances.
Hemmati added that CBI has been able to resist the US maximum pressure and go past them.
“Despite sanctions, the CBI was able to control the forex market,” he said in the northeastern city of Mashhad.
"The US failed to achieve its goal of shooting up dollar prices 10-fold,” Hemmati noted, adding that CBI won’t allow further rises in forex rates.
Russia was reported a few weeks ago ready to help Iran sell its oil in the wake of US sanctions. It's expected to sell Iranian crude and use its revenues to be used in the European payment channel INSTEX that is expected to handle humanitarian aid with Iran. It has not been functional yet.