Iran’s current account balance moves to surplus of $11.1bn
Iran’s current account balance moved into a surplus in the year to late March mainly because of a focus on exports by a government that took office in August last year, a report claims.
The Tuesday report by the official IRNA news agency said that Iran’s current account balance stood at $11.1 billion at the end of the last calendar year, up from a deficit of $709 million reported for the year to late March 2021.
The report claimed that the current account strength was a result of a strong performance in exports by Iran in the second half of the last calendar year which it said was a result of the sound economic policies adopted by an Iranian administration that was elected last year.
The current account reflects a country’s value of exports and imports as well as its transfers of capital with other nations.
Iran had a current account surplus of $26.2 billion in 2012 when the country was under international sanctions because of disputes over its nuclear program.
The indicator went into a deficit in 2019 after exports of crude oil by Iran dropped to historic lows because of unilateral sanctions imposed by the United States.
The sanctions came after Washington withdrew from an international deal on Iran’s nuclear program, known as the JCPOA.
However, oil exports rebounded in the second half of 2021 as Iran found new ways of getting round the American sanctions to deliver its crude cargoes to Asian customers.
Iran’s non-oil exports have also boomed in recent years as the country has been seeking to diversify its economy away from crude revenues.
Iran’s current account balance is expected to further improve if the country reaches an agreement with international powers to revive the JCPOA.
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