Iran’s current account balance moved into a surplus in the year to late March mainly because of a focus on exports by the government that took office in August last year, a report indicated.
The report by IRNA 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 the 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.
The trade balance 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.