Iran transferred $7.5bn in oil revenue from sales during the first four months of the current Iranian year to the central bank, the semi-official Fars News Agency reported on August 29, as Tehran said it had continued to meet its budget targets despite a US naval blockade, reports the Middle East Eye.
The funds would be sufficient to cover the government’s foreign currency expenditures from July through December, Fars reported, quoting data from Iran’s oil ministry.Oil revenue between March 21 and July22, the first four months of the Iranian year, reached 99% of the amount projected in the budget for that period, Fars said.
The figures come as the US naval blockade imposed on Iran has disrupted Tehran’s oil exports and maritime trade, while the status of the Strait of Hormuz remains at the centre of the continuing dispute between the US and Iran.Iran has restricted passage through the strategic waterway during the conflict, while the US has demanded its reopening to allow free and unrestricted navigation.
Under a MoU reached in June to end the US-Israeli war on Iran, lifting the US naval blockade and reopening the Strait of Hormuz were among the key provisions.Iranian officials have said Tehran will not fully reopen the waterway until Washington fulfils its commitments under the MoU, including ending the blockade, releasing frozen Iranian assets and lifting sanctions.President Pezeshkiansaid US sanctions were hurting Iran’s economy.