Central Bank of Iran – Annual Report 2008/09
The Central Bank of Iran's Annual Report for 2008/09 marked huge losses in the balance of payments account due to declining oil prices stemming from a decline in global demand.
The country's large dependence on foreign-exchange earnings for oil revenue meant Iran was hardest hit in the oil sector during the financial crisis
The sharp drop in oil prices during the second half of 2008 and the subsequent decline in Iran's oil production meant the country experienced a large dip in foreign exchange
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