TEHRAN – Iranian Oil Minister Javad Oji has said the ministry is going to collaborate with the Central of Bank of Iran (CBI) to provide foreign exchange funds for oil projects, Shana reported.

“Given the great forex reserves, we are faced with no limitations on hard currency,” the minister said.

Oji, in an X post, wrote on Tuesday that foreign exchange revenues will hopefully increase in the current Iranian calendar year (starting March 20, 2024), the year designated by the Leader as the year of “Surge in Production Through People’s Participation”.

“I thank the Almighty God that the oil and gas sector spent the year of 1402 with a significant economic growth, and above all, a rise in exports and a considerable increase in the collection of hard currency revenues,” the post reads.

In the meantime, Iran’s Economy Minister Ehsan Khandouzi talking about the CBI’s achievements said, “Liquidity growth rate, trade balance, and economic growth rate are the most important factors deciding the foreign exchange rates and the statistics are an indicator of the suitable conditions of these crucial factors in the year of 1402.”

Also, the CBI Governor Mohammadreza Farzin has recently announced the readiness of the central bank to sign a $600 million contract with the oil ministry for funding energy projects, saying: "The country's foreign exchange resources are such that this proposal for investing in the development of oil wells has been submitted to the oil ministry and the contract will be signed soon."

EF/