Tehran: The Central Bank of Iran announced that the Ministry of Oil has deposited $7.5 billion into its official account, a sum representing the revenues from oil sales and foreign currency earnings accrued during the first four months of the current Iranian year.

According to National Iraqi News Agency, the bank highlighted that the value of these deposited funds is 50% higher than the revenues recorded during the same period last year, equating to about one and a half times the previous year’s earnings. This significant increase reflects the country’s efforts to bolster its financial stability amid challenging economic conditions.

Iranian authorities have indicated that these funds are earmarked to support government spending and address the country’s foreign currency needs. They are expected to be sufficient to cover government expenditures in foreign currency until the end of December, providing some relief in managing the country’s fiscal responsibilities.

The Governor of the Central Bank of Iran, Abd
olnaser Hemmati, had previously commented on the challenges the country faces, noting that current oil exports have fallen to zero due to escalating sanctions, military tensions, and regional pressures. He also mentioned the ongoing issue of the United States freezing a portion of Iran’s financial reserves and foreign currency holdings abroad, as well as the failure to release funds under previous agreements.