Mohammad Reza Farzin, the governor of the Central Bank of Iran (CBI), has emphasized support for the private sector in international trade and economic relations, urging the bank’s international affairs department to collaborate with the Joint Chambers of Commerce to establish specialized committees on BRICS, Shanghai Cooperation Organization (SCO), and the Eurasian Economic Union (EAEU). The move aims to boost banking and monetary interactions and strengthen private sector trade ties with partner countries.
Farzin made these remarks during a joint meeting with the heads and board members of Iran’s Joint Chambers of Commerce. He outlined the Central Bank’s plans to facilitate international banking and financial transactions for traders, support production enterprises through financing, and leverage knowledge-based companies to enhance the export of high-tech products.
Highlighting Iran’s foreign trade expansion, he noted that the country’s non-oil trade volume reached over $100 billion in the first 10 months of the year, and when including oil trade, the total surpasses $140 billion.
“The share of this trade volume in the GDP demonstrates that despite extensive sanctions, Iran has an open economy with broad international interactions,” Farzin stated.
He also pointed to an 18% increase in Iran’s export value over the same period, adding that the Central Bank has allocated $57.8 billion to meet foreign exchange needs for imports and services.