The stability of the US dollar’s exchange rate against the rial is due to the growth of non-oil exports, which have provided an alternative source of foreign exchange for Iran’s economy, says chief executive of the Export Guarantee Fund of Iran. Iran’s foreign exchange revenues are heavily dependent on crude oil exports, which are picking up after the lifting of nuclear sanctions. However, the plummeting oil price has created a deficit that is forcing the government to curb spending. “In view of dipping oil prices, if we didn’t have considerable non-oil exports, currencies would appreciate [against the rial],” Seyed Kamel Seyedali told IRNA. The greenback changed hands at 35,010 rials in Tehran on Saturday, down 6% from earlier in the month.
